Elder Law is a relatively new area of practice which provides solutions specific to our aging population. Senior citizens face unique challenges often complicated by declining health and income fluctuation.
What Does an Elder Law Attorney Do?
An Elder Law attorney may handle matters such as:
- Specialized Powers of Attorney
- Estate Planning (Last Wills, Trusts)
- Special Needs Planning
- Probate Administration
- Medicaid Eligibility Planning (Medicaid Planning)
- VA Benefits guidance
Estate Planning attorneys can provide some of the listed solutions however Elder Law attorneys must develop strategies unique to senior citizens.
What is Medicaid Planning?
Medicaid planning is a specialized planning strategy to help clients who are seeking eligibility for Medicaid assistance for long term care in nursing homes and/or assisted living facilities.
This area of law is littered with pitfalls and "gotchas" that can disqualify a person from eligibility or significantly delay their eligibility.
Nursing Home Cost: $10,646 per month (2018)
Nursing home care is incredibly expensive. In 2018, the average cost of a private room in a nursing home in Gainesville, Florida was $10,646 per month. (source: Genworth)
As you might imagine, a persons hard earn savings could be depleted at an alarming rate with very little to leave as a legacy to heirs and beneficiaries.
DO NOT TRANSFER ASSETS WITHOUT PLANNING (or Risk Disqualification or Delay in Medicaid Assistance)
When faced with the sobering reality of nursing home care, many people believe the easy solution is to transfer assets to family members. However, Medicaid will look back 5 years for any disqualifying transfers.
Contact a Gainesville Elder Law Attorney Today
An Elder Law attorney can structure a plan that will help you to become Medicaid eligible and preserve a significant portion of your hard earned assets.