The Elder Law Crash Course

Points 1 through 5

1. Effective planning makes you eligible for benefits. Don’t assume that you "have too much money to qualify for Medicaid." Many people think a certain financial profile precludes access to Medicaid, but this is incorrect in most cases. With safe and proper Elder Law strategies, savings and other assets are legally transferred to others or to special entities such as Trusts, allowing you to be approved for benefits. A reliable Elder Law firm will implement planning techniques that are straightforward, time-tested and of proven value.


2. Know what you can lose. If you don’t take steps to protect your investments, income and property, you could end up in poverty. You will have to spend almost everything you have on your own care before Medicaid will assist you. This is commonly referred to as the “spend down.” It’s an unfortunate reality, but it can be avoided with effective planning.


3. Better to plan late than not at all. If you have savings, investments, or property, it’s not too late to plan and preserve assets, even if you are already in a nursing home. You may not be able to benefit to the same extent as you would have with advance preparation, but saving something is far superior to losing almost everything. Even at the last minute, most people can still protect 40% to 50% of what they have.


4. Begin early for the best possible outcome. The sooner you begin, the better off you’ll be. If you start early enough, you can save all of your cash and property. Be aware that Medicaid has a 5-year "look back" period for nursing home applications, and transfers during the look back period will be subject to penalties. There is no look back period for Medicaid home care, which means that, with effective planning, you can start saving on the costs of care right away. If, now or later, you need nursing home care and become subject to a transfer penalty, your Elder Law attorney will still have a strategy to save a good portion of your assets


5. Get the right lawyer. A successful Elder Law plan typically involves strategies that must coordinate the requirements of complex Medicaid laws and regulations with the requirements of other laws and regulations related to wills, trusts, estates, real property, taxation, or other public benefits. A dedicated Elder Law attorney will have the knowledge and practical experience in all of these “moving parts” to properly advise you.

Click the following links for additional points contained in the Elder Law Crash Course:

6. Going it alone is frequently a mistake.
7. Medicaid and Medicare are different.
8. Use proven asset protection strategies.
9. A spouse can’t just say no.
10. Be careful with your 401k or IRA.
11. Don’t lock up your money.
12. Think about the house.
13. If you own a co-op, you’ll likely need professional help.
14. Think about hiring your kids.
15. Long-term care insurance doesn’t solve the problem in many cases.
16. Medicaid provides a lot.
17. Proper legal documents make good results possible.
18. Let your health care agent know precisely what you want.
19. Be smart about assigning critical responsibilities.
20. Guardianship proceedings are time-consuming and expensive, and can often be avoided.
21. An estate plan may be an important part of your Elder Law plan.
22. Title to property and beneficiary designations can be critical.
23. Don’t try to hide things.
24. Organization is a blessing.
25. Make the choice that’s right for you.
26. There are better benefits in New York.
27. Special plans for special needs.
28. Keep the aide you like.
29. Good relationships help make everything work out well.
30. You can move if you’re not happy.

Click the following links for the:

The Elder Law Crash Course Checklist or the PDF Version of the Checklist

Special Report Disclaimer