» 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/

  • What Do You Mean Medicare Won’t Pay?
    Many clients and their families find themselves in a situation where they have had a stay in a hospital and then are discharged to a skilled nursing facility for rehabilitation and therapy.  For many this is a short-term need, and they are able to participate in therapy and return to their lives in the community.  […]
  • Where is My Tax Refund?
    After you have filed your tax return you may be anxiously awaiting your refund and wondering what the status is. Fortunately, with just a few clicks, you can track the status of your federal and state tax refunds online. The Internal Revenue Service “IRS” has an online tool called, “Where’s My Refund,” that will allow […]
  • Medicare Enrollment – Doing It Wrong Could Cost You!
    A recent New York Times article described the plight of a gentleman who turned 65, but failed to enroll in Medicare because he was already enrolled in a health insurance plan through his employer[i]. While this plan of action is fine under certain circumstances, he was subsequently laid off from his employer and later learned […]
  • Advocating Against the Nursing Home Discharge
    We see many instances where a nursing home has discharged a patient against the wishes of the family of the client. Most will accept the discharge because they do not understand their rights. Among the numerous stories I have heard, a few of the common reports I received are that the facility said the patient […]
  • What is the difference between a Living Will and a “Do Not Resuscitate” Order?
    When we meet with clients, one issue that comes up often is end-of-life care. While it’s certainly an unpleasant thought, it is important to face the possibility that you may become unable to make decisions about your healthcare at some point. Whether you suffer from dementia and gradually become incapacitated or you experience a stroke […]

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



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

* indicates required