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Far too many people out there are wearing too many hats. They are sons and daughters, husbands and wives, fathers, mothers, breadwinners, bedmakers, and caregivers. They take on all of these roles all at once because they don’t realize other options exist.
This might be you. Perhaps you have an elderly parent who needs special care. You don’t live too far away and so you assume the extra task of stopping in after work, making sure meds are taken and basic needs are met. Or, perhaps, you are a spouse, still healthy and able to take care of your life partner but at the expense of your time and your own well-being.
People assume these roles because they worry they can’t afford proper care for their loved ones. They carry the guilt of knowing there’s a safety issue and they compensate by drawing on resources much more precious than money: time and energy.
This is a tragedy because often it doesn’t need to be this way. Programs and strategies exist that work with your budget to ensure your loved one receives the care they need. All that’s required is that you ask the advice of the right people.
The Life- (and Money-) Saving Role of An Elder Law Attorney
Endless myths and misconceptions surround Medicaid and who can qualify for the program. It’s not uncommon for folks to believe that they can’t make financial gifts in case they suffer a penalty, or that they first must spend all of their saving before being approved, or that their house is in the balance, or that the family farm must go, or owning a business is a hindrance, or, or, or… the list is endless.
None of the above is necessarily true. An experienced elder law attorney can walk you through how best to rearrange holdings so that your loved one is approved for Medicaid while at once maintaining the majority of their assets. Common strategies that achieve this include spousal income and asset transfers, special annuities, Medicaid deeds, Medicaid asset protection trusts, qualified income trusts, and a range of other legal instruments.
Entering into the particulars of these strategies is too much to get into here. What’s more, individual cases will vary according to personal circumstances. Nonetheless, our promise to you is that if you educate us about your family, your loved one, and their needs, we will reciprocate by sharing everything you need to know about pension benefits, Medicaid or long-term care strategies, and asset retention.
The first step is giving us a call—and don’t worry, it’s free. At the Law Firm of Christopher W. Dumm, we are interested only in bringing value to our clients. It would be our pleasure to talk and learn about your case. If we can’t help, there’s no cost. We may even suggest a new avenue for you to pursue and investigate. However, we can provide some measure of relief for the vast majority of families that contact us. Options exist for everyone, after all, and every one of them beats trying to do it all yourself.
Contact the Estate Planning Attorneys at the Law Firm of Christopher W. Dumm