Elder Law And Medicaid Planning
Each of us is getting older. Some of us have reached a point where we have raised our families and retired from work and careers. Unfortunately, illness may follow at any time. It is never too soon to plan ahead.
Your goals at this time probably include preserving your assets securely and estate planning to benefit your loved ones. A major concern is the possibility that you will need long-term care, perhaps in a nursing facility costing thousands of dollars per month. Medical care is also astronomically expensive these days.
Whatever size estate you have by now, it could be severely reduced or eliminated by these costs. But there are steps you can take, with help from our elder law attorneys, to minimize the potential losses. Located in Baton Rouge, we serve clients throughout the state of Louisiana.
Medicaid Benefit Eligibility
The most important step may be to ensure your eligibility for Medicaid benefits. You have a right to these benefits, but those with large estates may be ineligible under the regulations. There are many ways to remove property and funds from your possession that will benefit you as well as a charity or loved one.
Use Of Trusts To Preserve Eligibility
Life insurance trusts, and revocable and irrevocable trusts, can reduce estate taxes and preserve Medicaid eligibility. Ask us about the new estate tax law – you can make gifts while you are alive and can see your loved ones enjoy them.
Frequently Asked Questions About Elder Law
What questions do you have about elder law? Here are some frequently asked questions our attorneys can answer:
What types of legal issues does elder law cover?
Elder law covers a variety of issues relating to seniors who are either in their final years or planning ahead. It addresses things like:
- Estate planning: Elderly loved ones can plan their estate to protect their legacy, control their future medical care and shield their estate from taxes.
- Probate: An attorney can assist elderly loved ones in setting up an estate plan to help avoid probate and probate issues.
- Long-term health care planning: An estate plan can be used to designate a power of attorney or draft a living will to organize long-term care in a hospital or nursing home.
- Medicaid eligibility: An attorney can help elderly loved ones apply for Medicaid benefits and address denials.
- Elder abuse: Family members can learn about their legal rights when an elderly loved one faces abuse in a nursing home or health care facility.
Ezell Law Firm, LLC, can help address any issues pertaining to elder law.
Can I protect my assets from being depleted by long-term care costs?
Yes. Assets can be protected from long-term care costs in a few ways, including setting up an estate plan with an irrevocable trust – but planning is essential. An attorney can help elderly loved ones explore their legal options when structuring an estate plan so they comply with Medicaid regulations while preserving more of their assets for their loved ones.
What is the difference between Medicare and Medicaid?
Medicare is available to people 65 years of age and older to pay for hospital costs, outpatient services and prescription drugs. Medicaid is available to people who have limited income and can help with long-term care costs.
Can I still receive Social Security benefits if I am receiving Medicaid or Medicare?
Yes. In general, you will automatically receive Medicare Part A and B if you are 65 years of age or older and receive Social Security retirement or have a disability that qualifies you for Social Security Disability Insurance. Medicaid eligibility is tied to income requirements.
Social Security And Medicaid/Medicare Claims Lawyers
At Ezell Law Firm, LLC, we take the time to get to know our clients and their needs. We are happy to answer questions and look forward to serving you.
If you need the assistance of an established law firm with an impeccable reputation, we encourage you to contact us in East Baton Rouge and surrounding communities. We are happy to offer a phone consultation about Social Security Disability or other elder law matters. Please call us at 225-763-2272 or 888-511-8717 toll-free.