It’s a means-tested disability benefit. Your email address will not be published. Working with experienced elder care professionals adds a layer of peace of mind to an emotionally charged process.

In the pre-planning context, assets that we set aside are protected at 100 percent, as long as five years or more go by. At least, we could create a little nest egg. It wasn’t too late to engage in planning to protect about $150,000 of what was remaining. Where we spend our time in the Medicaid context as elder law attorneys is in the income and resource parts of the test. I love what I do; I love serving my community and seniors in my community and helping their families every single day. We look at all of that together as part of a common pot, and the general rule is this: We split that pot, and we allocate half to the wife and half to the ill spouse. That includes charitable gifting. S. Blake Harris is the Managing Attorney at Mile High Estate Planning where he assists clients with Wills and Trusts, Asset Protection, and Probate. Become a CRC® - Certified Retirement Counselor®, Read other past issues! If a penalty period is imposed, we must figure out how we’re going to pay for the care that’s needed during that penalty period. The first option that we always consider is Medicare. It’s often called “service-connected disability” or “disability compensation.” This type of benefit is for someone who was injured during active duty. By adding in those additional benefits, we can potentially shelter and protect some of the assets that are left. Elder law attorneys help get a person otherwise eligible and create a plan to ensure that the applicant is going to have the ability to privately pay during the penalty period. In addition, elder law would also involve working with the court to advocate for the terms of the guardianship based on the law … The demographics of the United States are changing. Legacy Planning, Medical and Long-term Care Planning, PLAN for Retirement Readiness, PROTECT the Plan from Retirement Risks, Retirement Income Management, Earn CRC® and other CE with our professional development partner, the Retirement Resource Center. Elder law is a broad term that refers to the practice of law related to the elderly and the aging. Long-term care Medicaid and/or VA Pension with Aid and Attendance is often what we are looking for. When you have a married couple and only one spouse needs care, there are rules in terms of income for the well-spouse who is still living in the community, and then for the ill spouse who is receiving care in a nursing home. Is there a way to do legal and ethical asset protection planning to qualify an applicant for Medicaid and/or VA? In some cases, the court can appoint a full guardian for the incapacitated senior who will make all relevant decisions on their behalf. Below, we will explain some of them areas that are a part of this field and how you should select an attorney to help you. There is a rule called the Minimum Monthly Maintenance Needs Allowance, which says the well-spouse could be entitled to a portion of her ill spouse’s income if her own income does not equal $2,002.50 (2016). The team of professionals could include not only an attorney but also a financial advisor or tax expert. If you’re helping someone qualify for Veterans Benefits, you must be accredited. Next, we look at whether there are other sources of income which can be used to help pay for the care, such as Social Security, pensions, alimony, and required minimum distributions. The best elder law professionals in the world can’t help clients who don’t ask for the help. For VA purposes, that means dressing or undressing, keeping clean and presentable, and feeding. Elder law is a legal practice that really places an emphasis on issues that affect the growing aging population. Having the entire family involved in the planning can eliminate surprises and, hopefully, cut down on disputes after the client has passed away. The other half of the country does not have an income cap, and when there’s no income cap, there is no need to satisfy any type of income test. If she is allocated half of that pot, she’s entitled to keep that, but if her half is higher than $119,220, she is capped at only keeping $119,220. We can also do call “crisis planning,” where we can still shelter between 50 and 60 percent of the remaining assets at the last minute. When there’s no income cap, the person is eligible under the income rules. Let’s talk about the income test first. There are some exceptions: Transfers between spouses don’t result in a penalty period, so we could transfer money, assets, or real estate between spouses all day long, and no penalty would be imposed. Parker cautions that what is allowed in a power of attorney will be controlled by relevant state law. Just like Medicaid, there’s a three-part test to be eligible. Crisis planning is that last-minute planning for a senior who is currently receiving, or eligible to receive, long-term care at home, in assisted living, or in a nursing home. An elder law attorney can help a senior and their family establish a trust to hold the senior’s assets. An elder law attorney can advise you on how best to handle the process of this appointment since it is a legal proceeding that involves the court. If there has been financial fraud perpetrated on the senior, elder law may involve taking legal action to help recover the assets that were fraudulently taken. I am licensed to practice in the State of Delaware. They can also help you make the proper choices in a way that can maintain family harmony and make the process of succession as orderly as possible. If a person needs extended long-term care that costs $100,000 a year, how are they going to pay for it? That’s huge for somebody who is facing an outrageous nursing home bill each month, so we look at whether a person may or may not be eligible for veterans’ benefits. With crisis planning – last-minute planning – 50 to 60 percent of the remaining assets can still be protected. We use this pyramid concept to talk about the options available to folks. The quarterly newsletter for Certified Retirement Counselors® (CRC®s) is also made available to all retirement professionals seeking the practical application of new retirement readiness, counseling, planning, and income management concepts that build the retirement security of middle-mass and mass-affluent consumers. Nursing homes will expect seniors to use their own assets to fund the costs of their care. Mile High Estate Planning is a Colorado Estate Planning law firm based in Denver, Colorado. The specific name is Service Pension, for a veteran who needs the financial assistance to pay for long-term care, and then Death Pension, which is for the surviving spouse of a veteran who needs that same financial assistance to pay for long-term care. An elder law attorney can advise you on how best to handle the process of this appointment since it is a legal proceeding that involves the court. Amber is a graduate of Flagler College (Bachelor of Arts Degree, Psychology, Cum Laude, 2007), Saint Augustine, Florida; and Regent University School of Law (J.D., 2010), Virginia Beach, Virginia. The target client is really a middle-class community member. When his family came to us, they still had a few hundred thousand dollars left. “With a standard power of attorney, you may not be able to do certain things,” he says. There may be certain trusts or asset structures that are necessary to make sure that the senior can access certain government benefits while keeping their assets. Medicare is a health insurance benefit that anyone can qualify for, regardless of need, so they can have an unlimited amount of wealth or income and still qualify for health insurance. The third part of the Medicaid test is the asset or the resource part of the test. In the area of elder care, a financial power of attorney might be drafted to handle such matters as accessing the client’s checking account, while a durable medical power of attorney would allow the designated person to make potentially life-saving or life-ending decisions about medical care. So, the assets have to be reduced to $2,000 before the 1-, 2-, 3-, 15-, 24-month penalty period would ever even start. One spouse needs nursing home care; the other spouse is well and still able to live at home. Days 21 to 100 are paid partially by Medicare, and then, if there’s any supplemental insurance, the supplemental health insurance picks up the rest. In New York, where he practices, Parker adds such powers as the ability to create a trust, guarantee access to a safe deposit box, or the ability to apply for government benefits.

They might then start liquidating assets and privately paying. There’s also a minimum there, so if what’s on the table is less, essentially, than $25,000, then the well-spouse gets to keep it all. A person is not eligible for Medicaid unless or until they have satisfied all three branches of this test: If a person is sitting in our office, they’re here because they have a loved one who needs care; they’re not sitting here because they just want to be admitted to a nursing home.

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