Asset protection, Medicaid, and long-term care planning are all frightfully complex topics, and can be intimidating to even consider. However, just because they’re complicated doesn’t mean you should ignore them! Estate planning decisions are critical to ensuring that you and your loved ones are cared for if a healthcare crisis strikes. If you’re approaching or in retirement and are struggling to protect your life-savings from the high cost of long-term nursing care, then hiring an experienced elder law attorney should be your first step. An elder law attorney works with you to help you make the right estate planning decisions, from asset protection to long-term care management. If you’re having difficulties planning for the future, the professionals at Winkler Legal, LLC can help. With over 20 years of legal experience, our specialists can guide you through the process of protecting your assets and preparing for the future with confidence. Learn all about why you should hire an elder attorney below!
An Elder Law Attorney Will Advise You
The first step in elder planning is making some difficult decisions, such as how to care for aging parents and how to pay for it. These decisions are made even more challenging when family members disagree with the best way to proceed. A lot of emotion goes into establishing a plan for older family members, and often the right choice is the hardest. An elder law attorney can help you make these tough decisions, and determine which approach is best for you and your family. From having a robust financial power of attorney that gives you the authority to make the necessary decisions in the interests of your loved one, to an irrevocable trust that protects your assets from nursing home costs, an elder law attorney is an invaluable asset when addressing issues during retirement. If you want to plan today for tomorrow’s unexpected health crisis or long-term nursing care event, then contacting an experienced elder law attorney is the right place to start.
An Elder Law Attorney Will Help You Establish a Long-Term Care Plan
Preparing a long-term care plan is exceptionally complex, but needs to happen. A long-term care plan involves planning for each level of care, up to and including full-time skilled nursing care, how to pay for increasing care costs during the aging process, and how to qualify for financial assistance, and protecting as much life-savings as possible. When establishing a comprehensive long-term care plan, there are a variety of factors to consider, such as:
- Financial Needs in Retirement
- Long-term care insurance
- Privately Paying for Care, at least for a time
- Protecting assets from nursing home costs
- Qualifying for Financial Assistance with Nursing Home Costs
- Enhanced Financial and Healthcare Powers of Attorney
- And more
With so much to consider, it can be difficult to know where to start. An elder law attorney can guide you through the entire process, from initial considerations to financial planning. Elder law specialists can help you navigate through the challenging aspects of elder planning, such as how to care for a sick parent, and what to do to protect their assets.
An Elder Law Attorney Will Make Sure a Durable Power of Attorney Has Been Delegated
One of the most important things to do when elder planning is to establish a financial power of attorney for your aging loved one. A Financial Power of Attorney authorizes another individual to handle matters in the event that you are unable to do so for yourself. These matters include financial decisions such as paying bills, managing financial accounts, filing taxes, and coordinating social security and medicare benefits. An elder law attorney can work with you and your loved ones to create financial power of attorney with enhanced powers to make the financial decisions necessary when a healthcare or long-term nursing care crisis arises. It is important to establish the power of attorney before it’s needed. If your loved one has already fallen ill and is unable to make decisions for themselves, an elder law attorney can begin a guardianship proceeding to give you or another the authority to make decisions for your loved one.
An Elder Law Attorney Will Help Protect Your Assets
There are a variety of ways an elder law attorney can help protect your assets from the high costs of long-term nursing care, from establishing an irrevocable trust to preparing transfer on death affidavits to avoid having to probate an estate. They work with you to file the right paperwork, apply for the right programs, and establish the right protections to ensure your financial security through retirement. Elder law attorneys also work closely with financial planners to provide an in-depth analysis of your current finances and what needs to be done to ensure you will receive the long-term care you need while also protecting your hard-earned assets.
An Elder Law Attorney Can Help Apply for Medicaid
Medicaid is a crucial element of many people’s long-term care plans. It’s an incredibly useful program that can help you pay the otherwise exorbitant costs of long-term care, but only if you’re eligible. An elder law attorney will work with you to ensure that not only are you eligible for Medicaid, but you can get the most out of it. This includes planning ahead with trusts and estate planning tools to ensure you qualify for Medicaid assistance while also protecting your assets.
How Winkler Legal, LLC Can Help
There are a series of steps to establishing a comprehensive long-term care plan, and it can be difficult to know where to begin. At Winkler Legal, LLC, we can help you throughout the entire process, from initial consultation to drafting estate planning documents, to applying for Medicaid on your behalf. Attorney Dirk Winkler has over 20 years of experience and the team at Winkler Legal can help you create a complete long-term care plan that meets your family’s unique needs. Contact us for a free consultation and to learn more about long-term care planning today.