One of the most important issues affecting seniors is how to plan in case nursing home care ever becomes necessary. Creating a plan to cover long-term care costs is one of many issues addressed by an elder law attorney. Elder law professionals provide assistance to seniors with all of the issues that affect them as they age. The sooner you begin to work with an elder law attorney, the more protected you will be from the types of problems that can arise when you enter into your golden years.
Cochrangersh Law Offices, P.S.C. is a trusted provider of elder law services in Louisville, Kentucky. Our legal team can provide you with comprehensive advice to help you identify the issues that could affect you as you get older so you can protect yourself and protect your loved ones. Contact us to find out how we can help you and to get information on some key issues including:
- What are some of the elder law issues seniors need to consider?
- How does Medicaid planning work?
- How can a Louisville elder law and Medicaid planning lawyer help you?
What are Some of the Elder Law Issues Seniors Need to Consider?
As you age, there is a greater chance of needing nursing home care. There is also an increased chance you will become incapacitated and unable to make or communicate healthcare decisions. Managing your retirement funds is also an issue, and you need to ensure you have a plan in place for what will happen after your death.
Elder law attorneys help you to address all of these important issues. With the help of Cochrangersh Law Offices, P.S.C., you can ensure you make a plan to protect your assets; make your retirement money last; have your assets managed appropriately in case of incapacity; and leave a strong legacy behind for the people you love. Your elder law attorney may help you to:
- Create a plan to protect property so you can qualify for Medicaid coverage for nursing care without spending down assets
- Understand the rules for required withdrawals from IRAs, 401(K) accounts and other retirement accounts.
- Plan your retirement spending so your nest egg does not run out and evaluate investments such as annuities to understand investment terms.
- Name a healthcare proxy and/or create an advanced directive or living will to make decisions in advance about life-saving medical care such as CRP or the use of a feeding tube.
- Use a power of attorney and/or living trust to ensure you have chosen who will manage assets in case of incapacity.
- Create a comprehensive estate plan so you can ensure you control your legacy after your death.
Cochrangersh Law Offices, P.S.C. has extensive experience with the legal issues affecting Kentucky seniors and we will make sure you understand how the law and available legal tools can be used to provide protection for you and your family as you age.
How Does Medicaid Planning Work?
Medicaid planning is often the most important part of a comprehensive estate plan. Your Medicaid plan will be focused on making sure you can qualify for Medicaid while protecting as much of your assets as possible.
Medicaid may be the only way, other than paying out of pocket, to get nursing home costs covered. This is because Medicare and most private insurers do not cover custodial care, which is the type of care most nursing home residents need. Medicare only pays for those who need skilled care service, such as rehab after a surgery. Medicaid pays the full bill, but is need-based so you could be forced to spend down a significant portion of your assets before qualifying.
With a Medicaid plan, you structure ownership of assets so the money and property does not count in determining qualification for Medicaid. This means there is no need to spend your personal money or sell property before qualifying for Medicaid. This process must be done at least five years prior to the time nursing home care becomes necessary in order to be able to protect all assets. If transfers were made less than five years before needing nursing care, you may be temporarily disqualified from Medicaid for a period of time equal to the number of months determined by dividing the value of transferred assets by the average monthly payment for a nursing home in your area.
How Can a Louisville Elder Law and Medicaid Planning Lawyer Help You?
Cochrangersh Law Offices, P.S.C. is here to help with all of your elder law and Medicaid planning needs. Give our Louisville elder law attorneys a call today to learn more about how we can assist you in planning for your golden years. As our society ages, the need for health care services is growing exponentially. More and more, our clients are in need of reliable information and effective advocacy in order to obtain the care and services they deserve, while preserving their hard earned assets to the extent possible.
At Cochrangersh Law Offices we can help you better understand the complicated rules of Elder Law and Medicaid — especially when it comes to beneficiary rights and how to advocate for getting the benefits you deserve. Our attorneys know how the healthcare system works. We are aware of its systemic weaknesses. That’s why we are so effective in guiding you and your family through process of advocating for quality of care and preserving some or all of your assets to the extent possible.