If you do not take advantage of the services that an elder law attorney provides, you and your loved ones could be at risk. In particular, it is important to consider Medicaid planning services, which can provide asset protection and help you to ensure your legacy is secure.
The assistance offered by an elder law attorney is appropriate for people of all ages, and the advice that an elder law attorney gives you is some of the most important advice you will receive to help you achieve a secure future.
The Bond Law Firm is a full-service elder law firm offering Medicaid planning and much more. Our legal team assists with estate planning, incapacity planning, preparing for end of life issues, and making sure you can qualify for Medicaid if and when you need care.
Give us a call at (218) 448-4100 to talk with a Houston elder law attorney about why you need a plan for the future and what your plan should entail. Our legal team offers personalized advice and can provide answers to questions you have about elder law and Medicaid planning including:
- Why do I need elder law services?
- What is Medicaid planning and why does it matter?
- How can a Houston elder law and Medicaid planning attorney help me?
Why Do I Need Elder Law Services?
Every adult, no matter his age, should talk with an elder law attorney to get a plan in place for the future and to keep that plan updated to respond to life’s changes. An elder law attorney helps clients to prepare for sickness and plan ahead for health and happiness.
Elder law is about making an incapacity plan so your family knows what to do with your assets and what kinds of medical care you want if something happens to you. It’s also about making a retirement plan and an asset protection plan to ensure you can enjoy your golden years and leave a strong legacy for the people you love.
The services an elder law attorney provides are tailored to your goals, and designed to suit your needs at any phase of life. Whether your primary concern is providing for a minor child in case you pass away before your child is an adult or making sure you don’t end up getting medical care you don’t want in case you get sick, an elder law attorney arms you with the legal tools to make many of the most important decisions related to different aspects of your future.
You should talk with an elder law attorney about the specific assistance that a lawyer can provide to help you get the peace of mind of knowing you have a plan in place no matter what life throws at you.
What is Medicaid Planning and Why Does it Matter?
Medicaid planning is one of many asset protection and incapacity planning services provided by an elder law attorney. Medicaid planning is about getting you qualified for Medicaid when your income or personal wealth would typically prevent you from getting covered. You need to make certain you can qualify for Medicaid because Medicaid could be your only source of nursing home payments, other than paying privately.
Medicare and private insurance provide short-term coverage for skilled medical services only, which is not what sends most people to a nursing home. Veterans’ benefits are available to some for nursing home care, but not everyone can qualify and these benefits may not be enough to fully cover costs of care. Even long-term care insurance may not provide the extensive coverage Medicaid offers, and few people can afford to purchase long-term care insurance anyway.
Medicaid is, for most, the best and only answer to getting nursing home care paid for… but Medicaid is limited to people with limited incomes and few resources. The good news is, there are tools you can use to qualify for coverage. With help from The Bond Law Firm, you can consider:
- The creation of a Miller trust, which can make it possible to qualify for Medicaid even if you have income above the allowable monthly amount for Medicaid eligibility.
- The use of Lady Bird deeds, which can protect real property by conveying that property to a new owner. A Lady Bird deed is not a completed gift of the property, so it does not count as an asset transfer. This is very important, because if you transferred assets within five years of trying to qualify for Medicaid, you could be temporarily disqualified from receiving Medicaid coverage.
- Partition Agreements, which can be used to transfer a community property interest which is owned by a spouse going into a nursing home to a spouse who is remaining in the community.
These are just some of many Medicaid planning tools that can help to protect assets while ensuring eligibility for means-tested government benefits. An experienced attorney can offer the types of assistance you need to make a comprehensive Medicaid planning that allows you to avoid spending your life savings on nursing home care.
How can a Houston Medicaid Planning & Elder Law Attorney Help Me?
The Bond Law Firm understands the ins-and-outs of Medicaid planning under Texas law and our legal team helps to create a plan that best protects your family. We also help with a wide variety of other elder law issues that matter in achieving a more secure future. Give us a call at (218) 448-4100 or contact us online to talk with a Houston elder law attorney who can help you.