No one wants to think about a crisis situation. Unpleasant as the prospect may be, however, being caught unprepared is far worse. The costs associated with long-term care can quickly deplete your assets if you have not developed a plan ahead of time.
While each situation is unique, at Maine Elder Law Attorneys, P.A., we have the experience to help anticipate your potential needs in a crisis situation and we can prepare a plan to make sure you are ready. Crisis planning receives more attention as we age, but it is important to realize that a medical crisis can hit at any stage of life, and it is never too early to prepare.
Asset Protection and Medicaid Crisis Planning
Long-term care costs are already astronomical, and they will only increase as time passes. Medicaid administered through the MaineCare program can provide benefits to cover many of the costs, but these benefits are only available to those who have few assets at their disposal. Many people believe they have to spend all they have on care before they can receive long-term care benefits. However, with a proper plan, your assets can be protected while establishing eligibility.
Each plan will be different. A crisis plan might involve setting up a trust to hold assets or transferring property to loved ones. The most important factor is to begin developing a plan as soon as possible, because there is essentially a waiting period that applies before you can establish eligibility. Assets should be transferred at least five years before you expect to need long term care.
However, if you do not have that much time to prepare, we can still find the strategies that work best for conserving resources in your situation.
What Happens If You Become Incapacitated?
Accidents and illness can strike at any age. Everyone should have a plan to deal with the situation if they were to become unable to make decisions or communicate their wishes. The team at Maine Elder Law Attorneys, P.A. could help you prepare by creating appropriate powers of attorney. A medical power of attorney could give a loved the ability to make healthcare decisions for you. Similarly, a durable power of attorney for finances could enable someone you trust to pay bills and manage your financial matters while you are incapacitated.
See our Power of Attorney page for more details
Elder Law Attorneys Take a Broad Approach to Crisis Planning
Preparing for the future means anticipating all types of needs and situations. It would be nice if there was one magical legal document we could execute that would cover everything, but instead, it is necessary to consider a variety of different strategies.
At Maine Elder Law Attorneys, P.A. we work with you to anticipate a wide range of needs and develop a plan to allow you to move forward with confidence to whatever lies ahead.
Reach Out Today
MELA is here to help with identifying your legal needs, develop a plan to address the needs, and advise throughout the process. Core and value added services are at the core of our thinking - call or e-mail us today.