Estate Planning & Medicaid

ElderSingle2General Estate Planning
Smart estate planning can save you (and your family) a significant amount of money.  For example, if you decide to set up a trust, your estate can completely sidestep the entire probate process, eliminate the executor’s fee for the probate of the will and all of the attorney’s fees for probate.  It also affords you privacy in your estate.

A power of attorney for health care is essential for your estate plan.  It directs your agent with respect to your wishes before your death.  These decisions can be agonizing for family members to make, so making your wishes known through a power of attorney allows you to make the decision yourself.  It also allows your health care team to communicate with your agent about your care when you cannot.

A power of attorney for property is important as well.  This will allow your agent to take actions regarding your property.  It can be as broad or as narrow as you choose.

I can help with drafting:
•  your will
•  your power(s) of attorney for health care and/or property
•  your trust

Medicaid Asset Protection Planning
Medicaid benefits are available for the poor and persons who employ asset protection strategies that allow eligibility for benefits without “spending down” all of the assets.  Asset protection strategies can include re-titling property, spending cash, gifting property, improving exempt assets, and setting up complex trusts to hold assets.  Medicaid planning is very complex, and developing a plan at least five years before you predict you or your spouse may need nursing home care or skilled nursing care on a permanent basis is essential.

I can help you in planning for long term care, as well as protecting your assets while avoiding the “spend down” for Medicaid.