Preserving an aging family member's assets requires a detailed, complex legal plan as elder laws and benefit eligibility rules constantly change. If you or a loved one finds himself/herself needing long-term nursing home care, he/she will understand immediately the impact a poor elder law plan will have on his/her financial stability - with monthly nursing home costs reaching $10,000 per month and no reasonable alternatives, individuals needing nursing home care are being required to deplete savings, bank accounts, retirement accounts, sell 2nd homes, and otherwise render themselves insolvent before Medicaid will cover these expenses. In no time, he/she is left feeling stripped of his/her dignity, left completely dependant on others, with no personal spending cash, and having nothing to leave to his/her heirs.
The Elder Law practice at Starkey Law, LLC is committed to helping clients navigate through the ever-changing complexities of the Medicaid and Elder laws. Where asset protection is paramount, the initial consultation will focus on the client's assets - noting for each asset: a) Type of Asset; b) How the Asset is Titled & When it was Titled as such; c) Fair Market Value (FMV) of Asset; and d) Liens on Asset. Clients should also come prepared to discuss budgeting, estimated future financial needs, and health issues and/or anticipated medical needs.
Medicaid v. Medicare
It will also be necessary to discuss the difference between Medicaid and Medicare and current eligibility rules for Medicaid benefits. Starkey Law, LLC will work with the client to create a comprehensive Medicaid plan tailored to the specific needs of the client and surrounding circumstances (including at what age the client is beginning his/her Medicaid plan), while offering experience with the following:
Protecting your home from a Medicaid lien and/or forced sale
Protecting your spouse's assets
Protecting your spouse's income
Transferring assets in compliance with the Medicaid Look Back Period to "safe" individuals and entities (Trusts, Spouse, and/or Adult Children)
Long Term Care Insurance and other financial planning strategies.
Comprehensive Estate Planning
In addition to preparing a Medicaid plan, it is likely that a comprehensive Estate Plan will need to be addressed to ensure your assets are protected. To review information on the Estate Planning services Starkey Law, LLC provides, please click here.
Nursing Home / Home Care / Long Term Care Advice
Starkey Law, LLC can help guide you or your loved one through the process involved when moving into a Nursing Home or acquiring Home Care Waivers/Long Term Care Waivers (if applicable). We will be by your side from the very start, assisting you in locating your Nursing Home location options, offering advice to help you make a final decision (weighing cost vs. services provided), acting as a liason between you and the Nursing Home Admissions Staff, and reviewing Nursing Home Contracts.
Protect your nest egg - let us help you plan for health care costs in retirement.
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