Seniors' Assets Can Be Protected Through Medicaid Planning | Law Firm Newswire

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 to Expect When Qualifying As an Executor or Administrator of an Estate
    When a loved one passes away, often the relatives of the deceased are tasked with the difficult responsibility of wrapping up the estate. While it is possible for an estate to avoid probate if all of the decedent’s assets are designated directly to a beneficiary or to a trust, more often than not, there are [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/05/29/what-to-expect-when-qualifying-as-an-executor-or-administrator-of-an-estate/">Read More...</a></p>
  • Don’t Forget Fluffy and Fido When Creating Your Estate Plan!
    The majority of households in the United States have a dog, cat, bird, or other furry, feathered or scaled animal companion. Of those households, many consider their pets to be family members. Because most pets have shorter life spans than their human family members, most people have probably planned for the passing of a beloved [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/05/21/dont-forget-fluffy-and-fido-when-creating-your-estate-plan/">Read More...</a></p>
  • Financial Advice for an Unstable Market
    Anyone watching the news in the last six weeks has heard gloom and doom predictions for the economy and the stock market. Many look at bar graphs of market returns which show steady slash to the lower right \ and immediately begin to panic which can lead to emotional reactions to investing. While the prospect [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/05/15/financial-advice-for-an-unstable-market/">Read More...</a></p>
  • Is Your Estate Plan COVID-19 Ready?
    We often advise clients that they should review their estate planning documents (Wills, Trusts, Advance Medical Directives, General Durable Powers of Attorney, Beneficiary Designations) every few years or when changes in their family, financial and/or medical circumstances occur.  In light of the COVID-19 pandemic, it is extremely important to not only make sure that you [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/05/11/is-your-estate-plan-covid-19-ready/">Read More...</a></p>
  • Breaking News – Stimulus Checks to a Deceased Individual Must Be Returned
    On May 6, 2020 the IRS issued new guidance as it pertains to the receipt of Economic Impact Payment (EIP) checks. Specifically, the IRS has indicated that if an individual was deceased at the time payment was received, the payment should be returned to the IRS. The IRS has indicated that to return the payment, [...]<p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/05/07/breaking-news-stimulus-checks-to-a-deceased-individual-must-be-returned/">Read More...</a></p>

Tags: , , , , ,



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

* indicates required