» Seniors’ Assets Can Be Protected Through Medicaid Planning

Seniors’ Assets Can Be Protected Through Medicaid Planning

Hook Law Center (formerly Oast & Hook)

Hook Law Center (formerly Oast & Hook)

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
Phone: 757-399-7506
Fax: 757-397-1267

SUFFOLK
5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267
http://www.hooklawcenter.com/

  • New Medicare Cards Coming Soon
    Between April 2018 and April 2019, Medicare will be issuing new Medicare cards to all of its beneficiaries, approximately 60 million Americans, in an effort to cut down on identity theft and fraud. Instead of using Social Security Numbers to identify individuals, they will now be using randomly generated identification numbers, called “Medicare Beneficiary Identifiers” […]
  • Protecting Public Benefits from Child Support Payments
    The majority of us know that a parent has a duty to support his or her minor children, and that the law presumes that upon reaching majority, a child is capable of self-support. Very few people understand that the responsibilities of a parent may extend beyond the age of majority when the child is disabled […]
  • Assuring an Inheritance for your Heirs
    Many of our clients come to us primarily for estate planning. They are interested in making sure that their assets are distributed to their beneficiaries in the amounts and in the manner that they want. For many of our clients, that means devising ways to transfer assets to children after the death of one or […]
  • Myths about Public Benefits
    In my years as an elder law practitioner, I’ve had clients come into me professing extensive knowledge of public benefits (particularly Medicaid) that were wildly off-base. There are any number of myths that have to do with public benefits planning, and I thought I would take this chance to “myth bust” some of the most […]
  • The Equifax Data Breach: Take This One Step Now
    As you have probably heard by now, Equifax, one of the three major credit reporting agencies, was hacked earlier this summer. As a result, nearly half the U.S. population’s personal data, including full names, addresses, dates of birth, and Social Security Numbers, is at risk. This is enough information for the hackers to open up […]

See other news sources publishing this article. BETA | Tags: , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required