Financial planning is something that people are provided with very little education or information about. While most people know they need to set aside an emergency fund or save for retirement, there is actually much more involved with creating a secure future. Smart financial planning advise is one of the services that an elder law attorney provides.
An elder law attorney not only helps you to prepare for a secure financial future, but also assists you in addressing some very important and personal issues related to what will happen if you get sick, get hurt, or pass away. Elder law attorneys help you to make use of legal tools to protect your money, autonomy, family, and future. We do this not just for older people, but for people of all ages who want to take control of their life and who want to be prepared for whatever life brings. Nehoray and Drake, LLP is here to help you with all of the issues that matter, so give us a call for personalized advice. We can also provide answers to questions you may have including:
- What is elder law?
- Why does an elder law attorney help with Medicaid?
- How can an elder law attorney help you?
What is Elder Law?
Elder law is a branch of law concerned with the issues that are most relevant at the end of life. Elder law attorneys handle things like probate for family members whose loved ones have passed away.
Elder law attorneys also do a lot to help people who are getting older to be prepared for whatever their future holds. From powers of attorney to advanced directives for healthcare to a last will and testament and trust creation, an experienced attorney can provide comprehensive help in ensuring that there is a plan in place for end-of-life issues and for securing a legacy after death.
Of course, it is not only older people who could become badly sick or who could pass away. There are many situations where an unexpected illness or an accident affects someone who is young. This can lead to difficult situations, as family members may not know the person’s wishes for medical care and there may be no plans in place to address important issues including who should become the guardian of minor children.
You do not want your family faced with difficult legal and moral issues, or with the necessity of complicated court actions, if something happens to you when you are young. As a result, even young people should work with elder law attorneys to prepare a plan in case tragedy strikes.
Fortunately, the field of elder law is not only about planning for illness, injury and death though. Elder law attorneys can also help with taking steps to save for retirement, protect assets, and planning to achieve financial security in the future. The key jobs of an elder law attorney are to equip you with the knowledge and insight necessary to set and achieve goals, and to assist you in using the legal tools that will turn your plans into a reality.
Why Does an Elder Law Attorney Help with Medicaid?
One of many issues an elder law attorney assists with is Medicaid planning. Far too few people know what Medicaid planning is or why it is so important, which means that far too many people’s assets are at risk.
Medicaid planning is a process of assessing whether you can qualify for Medicaid coverage if you need it and, if you cannot qualify, taking steps to make certain that you can. Medicaid is a means-tested program, so disqualification often results from ownership of too many assets. Fortunately, ownership can be structured in ways that assets are kept safe and will not disqualify you from coverage.
This is very important, because Medicaid is often the only payer of the type of nursing home care you may need as you get older or if you get injured. If you have not made a Medicaid plan to avoid having your assets disqualify you from Medicaid coverage, you could be forced to spend down personal assets to pay for nursing home care. With an advanced plan, you don’t have to do this.
How can an Elder Law and Medicaid Planning Attorney Help You?
An elder law and Medicaid planning lawyer can provide you with a comprehensive plan for building wealth, keeping assets safe, controlling your medical destiny, and taking care of your family. Give us a call to find out how Nehoray and Drake, LLP can help you with all of these issues that will shape your future.