There are many misconceptions that people have about both elder law and Medicaid. Many people believe elder law is only for seniors and Medicaid is only for the poor. Buying into either of these myths can cost you. People of all ages can benefit from getting elder law help, and everyone can benefit from making a Medicaid plan so they can protect their assets in case they need nursing home care when they age.
Hedeker Law provides comprehensive assistance with the elder law issues that matter to you, from incapacity and legacy planning to planning for retirement and protecting your family and assets. Give us a call at 847-913-5415 to find out more about how our Lincolnshire elder law and Medicaid services lawyer can hep. We can also provide answers to questions you may have including:
- What are some important elder law services?
- What is Medicaid planning and why does it matter?
- How can a Lincolnshire Medicaid planning and asset protection lawyer help?
What are Some Important Elder Law Services?
Elder law attorneys help plan for:
- Incapacity: What happens if you get sick or hurt and can’t make decisions? What will happen to your assets, and what kinds of healthcare will you get? What if your incapacitating illness or injury means you have to spend months or years in a costly nursing home? Elder law attorneys help you to answer these questions using legal tools like a power of attorney, trusts, and advanced directives for healthcare.
- Risks to your assets: There are lots of threats to your wealth, both during and after your life. Irresponsible heirs could squander an inheritance; your personal assets could be at risk because of a business lawsuit; or you could lose assets because of estate taxes after death or nursing home bills at the end of your life. Tools like liability and umbrella insurance, incorporation, and trusts can be invaluable in reducing risks of losing wealth.
- Nursing home costs: For seniors who need nursing home care, the only option for payment in most cases is Medicaid. To make sure you can qualify for Medicaid, elder law attorneys help you to structure ownership of assets so the property and money does not count as a resource. Medicaid has strict resource limits, so advanced Medicaid planning can mean the difference between preserving your legacy and losing it all to nursing home bills that can top $100,000 annually.
- Death: Who will take care of your children and pay for their education if you pass away? Who is going to inherit your property? Do you have enough life insurance to take care of a spouse or young children? Will estate taxes be assessed and can you avoid them? These questions can be answered by an elder law attorney who helps you to prepare for what will happen when you pass away.
Incapacity, illness, business lawsuits, and even death could happen to people young, old, and in-between. Because people have a universal need to protect their assets and avoid unwanted medical care, everyone should get the required assistance to take full advantage of appropriate legal tools. Elder law attorneys help clients to understand what plans they need and how to make those plans.
What is Medicaid Planning and Why Does it Matter?
Since asset protection is one of the key steps that elder law attorneys help clients to take, Medicaid planning is often a part of the services provided. Medicaid planning involves making certain that, if and when nursing home care is needed, it can be covered by Medicaid.
Medicare and private insurance companies won’t pay for custodial nursing care, as Medicare Part A coverage provides for payment of nursing home bills for skilled services only. Medicaid is the only answer, unless you want to pay personally and deplete assets.
Because Medicaid is a means-tested program, it is only for people with both limited incomes and limited resources. Seniors who haven’t engaged in Medicaid planning usually have too many resources to qualify. Unfortunately, this means spending down your nest egg until you have so little money and so few assets left that the state finally steps in. If you want to avoid the loss of your legacy, however, you can make a plan to get Medicaid coverage while still keeping your assets secure.
How can a Lincolnshire Medicaid Planning and Asset Protection Lawyer Help
Hedeker Law is a full service elder law and Medicaid planning firm, offering the assistance that clients need in Lincolnshire and surrounding areas in Chicago. Give us a call at 847-913-5415 or contact us online to find out more about how we can help you to make smart and mature choice to protect yourself and your family.