Seniors’ Assets Can Be Protected Through Medicaid Planning
Virginia Beach, VA (Law Firm Newswire) August 5, 2014 – With careful financial planning, many people are able to enjoy a comfortable retirement and leave a substantial estate to their heirs. But one often-unconsidered factor has the potential to add a large additional expense to the balance sheet: the possibility that one will require long-term care in a skilled nursing facility.
According to the Centers for Medicare and Medicaid Services, most people over age 65 will require long-term care services of some type in their lifetime, and 40 percent will require nursing home care for some period of time. Many people pay for such care with their savings until the funds are exhausted, at which point they then rely on Medicaid. However, according to a prominent Virginia elder law attorney, a person can protect one's estate while still ensuring that long-term care will be available.
“By taking an anticipatory approach, one can plan for possible future long-term care needs while still preserving some assets,” said Andrew Hook, an estate planning and elder law attorney with the Hook Law Center. “Our firm takes a comprehensive approach, looking at sources of funding like public benefits and long-term care insurance, while considering several methods of asset restructuring and wealth preservation.”
Hook cautioned that Medicaid planning involves many complexities and should only be done with the advice of an experienced elder law or estate planning attorney. While there are methods to legally and ethically preserve some assets while still meeting the income and eligibility requirements of Medicaid, there are rules that must be carefully followed in order to achieve the desired outcome.
Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
5806 Harbour View Blvd.
Suffolk VA 23435
- What you should know about myRA accounts
MyRA accounts are a new type of government-backed starter retirement savings account, designed for people whose employers do not offer retirement accounts. As of now, anyone who has direct deposit for their paycheck can sign up and start saving. MyRA accounts are free to open and are sponsored by the government. Account holders can contribute […]
- Increasing number of American retirees affected by student loans
A record number of older adults now carry student loan debt, and the phenomenon is still growing: people over 60 are in the fastest growing age group for college debt, according to a report from The New York Times. A record 2.2 million people age 60 and older now hold student loan debt — three […]
- Many employers provide back-up elder care
Hundreds of New York employers provide back-up elder care, designed to help employees stay at work when an unexpected problem arises with elder care. Employees who have registered for back-up elder care can call a care organization when they face an unexpected interruption in elder care. Within hours, the organization will send a home health […]
- How your life insurance policy can pay for long-term care expenses
A number of companies, such as Life Care Funding, will purchase a senior’s life insurance policy from him or her. In exchange, the company provides a portion of the face value of the policy to individuals facing high long-term care costs. These “life settlement” companies purchase the policy from the policyholder, then continue to pay […]
- Study supports doctor-led approach to end-of-life care planning
The end of a person’s life is a time of intense transition and difficult choices. Although nothing can fully prepare an individual or a family for the gravity of the decisions that need to be made, end-of-life care planning can help ensure that a dying individual’s wishes about his or her care are followed. Traditionally, […]