The Elder Law Crash Course

Points 6 through 10

6. Going it alone is frequently a mistake. A completed Medicaid application often contains hundreds of pages of documents, and involves a lot more preparation than most people imagine. It’s easy to make errors, and many applicants who attempt filing on their own are unsuccessful, leading to a delay or denial of benefits. Hire competent professionals to do your work. The stakes are too high to risk a loss of benefits. The same point applies to other documents, such as a Power of Attorney, a Will, or a Trust.


7. Medicaid and Medicare are different. Medicare is medical insurance provided by the federal government to almost everyone 65 and over. Significantly, Medicare does not cover long-term care. Medicaid is a joint federal, state and local medical and health program for those who are financially eligible. Benefits include long-term care at home, in an assisted living facility, or in a nursing home. Don’t confuse one program with the other.


8. Use proven asset protection strategies. There are proven planning strategies that have demonstrated their reliability over the years. Your Elder Law attorney will explain them to you. Stick with those. “Cutting edge” strategies can be risky, and need to be evaluated very carefully relative to the results they might deliver. A conservative approach is generally best.


9. A spouse can’t just say no. There is a tactic called “spousal refusal,” which frequently has an important place in Elder Law planning. However, there’s a common misconception that the “well spouse” can protect the couple’s assets, simply by refusing financial support of the spouse who is applying for Medicaid benefits. Sorry, spousal refusal won’t get you off the hook, unless you have only a modest amount of assets to begin with. Otherwise, you’ll need something more sophisticated. Your Elder Law attorney will have some helpful ideas.


10. Be careful with your 401k or IRA. If you have money in a retirement plan, your Elder Law strategy should be carefully matched to your circumstances. Single or married, age, life expectancy, tax bracket, heirs, home or nursing facility care, are important factors to be considered. Don’t do anything without competent legal advice, or you may end up incurring taxes or penalties that could have been avoided, or disadvantaging your beneficiaries.

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

1. Effective planning makes you eligible for benefits.
2. Know what you can lose.
3. Better to plan late than not at all.
4. Begin early for the best possible outcome.
5. Get the right lawyer.

See the above points 6 through 10

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