North Royalton, Ohio, Lawyers Experienced In Elder Law And Medicaid Planning
An increasing number of mature Americans have questions about their future, including: “What happens if my spouse or I must enter a nursing home or have a chronic illness that requires long-term nursing care? Will Medicaid take our house? How can we protect our assets in such a situation?”
Legal solutions you can count on
Call 440-884-4300 to schedule a free initial consultation.
Living Longer And Protecting Your Finances
While Americans continue to live longer, this often means that new, unique challenges arise about what the future will look like. For instance, rising health care and other costs may severely impact an individual’s finances. You need to take steps and make plans in advance to be prepared in the event that you or a loved one becomes incapacitated and needs special care, or needs to enter a long-term care facility nursing home.
At the law office of Kirner & Boldt Co., L.P.A., in North Royalton, Ohio, we have been assisting clients in establishing estate plans to assist you during your lifetime and provide for your loved ones since 1989.
We are skilled in helping clients understand issues relating to health care powers of attorney and financial powers of attorney. We explain to our clients the need to proactively assign these roles, rather than a default choice that could leave families in confusion during difficult times, unwittingly setting up the possibility of contested guardian proceedings. We can also explain and help you plan for Medicaid assistance, if applicable.
Clear Explanations, Focused On Your Family Needs And Goals
Medicaid: Qualifying for Medicaid in the event that it is needed is dependent upon the unique situation of that person. A history of your health and finances is necessary to provide for an optimal plan when faced with long-term illness. To receive the benefits of Medicaid, you will have to meet the criteria based upon need. The first is whether you are medically qualified, due to poor health, to require Medicaid-supported assistance. Second, is your monthly income from all sources including Social Security sufficient to pay your monthly living and medical expenses? Third, what assets do you own that are available to pay the expenses that Medicaid would otherwise cover, which exceed government benefit limits.
There are numerous considerations that go into establishing an elder care plan. First and foremost is that you receive the care you need whether in your home or in an appropriate retirement center or facility.
Elder care planning usually occurs well in advance of need or placement in a skilled care facility. You may have or wish to consider qualified skilled care insurance plans, which can also provide an increased portion of your assets that you will still be able to own and pass on to your family upon your death. Another option is the creation of an irrevocable trust; however, this involves giving up nearly all rights with respect to any transfer made by you to the trust. There are also elder care plans and strategies that can be implemented at the time of making an application for Medicaid. Understand that Medicaid is a government benefits program that has and continues to be subject to change in determination of eligibility. The rules that apply today for eligibility may not be the same in the future when the application for Medicaid benefits is filed.
We are lifelong Ohio residents, active and trusted in the local and the legal community. We believe that the practice of the law is as much about the law as it is about relationships, and we take special care to make sure that each of our clients gets our full attention and guidance.
Call Us Today And Protect Your Legacy
Our experienced elder law attorneys can help you address concerns about protecting your legacy or planning for Medicaid. Call for a free initial consultation at 440-884-4300. To contact us through email, please complete the brief form below.
