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
- Be aware of the details on required minimum distributions
It is important for taxpayers to be informed about required minimum distributions (RMDs) from IRAs so that they can plan accordingly for their retirement. In the current year, those persons age 70 ½ or older are required to take a RMD from their traditional IRAs (Individual Retirement Arrangements), SEP (Simplified Employee Pension) IRAs, SIMPLE (Savings […]
- Musings on Financial Aid
My oldest child is a senior in high school, and we are filling out the financial aid forms for the first time. There has been a big change in the world of collegiate financial aid. In prior years, the Free Application for Federal Student Aid (FAFSA) form was released on January 1 and required families […]
- Cruising through Caregiving – Book Review
Cruising through Caregiving is a terrific book helping all those who have cared for or will care for someone in their family through the aging process deal with the stress of serving in such a capacity. The thrust of her book is that there are many roles to play, but all should be played WITHOUT […]
- Planning for Small Business Owners Is Critically Important
At times we all fall victim to focusing on the present at the expense of planning for the future. Many business owners continually focus on the daily, monthly, quarterly, and annual goals of the business and often do not consider what would happen if they, or one of their key team members, would suffer and […]
- Determining the Appropriate Level of Care
Nearly all clients want to remain in their home for as long as possible. Determining when additional levels of care are necessary and when it is not safe for an individual to remain at home often requires the intervention of a team of persons dedicated to ensuring the client receives appropriate care and oversight. Rather […]