Medicaid Planning and Elder Law
Planning for Nursing Care Costs: Your Future and Medicaid PlanningThe costs of nursing home care for an elderly family member can quickly drain their financial resources. Most people will spend about $75,000 per year to pay for nursing home care. Through proper Medicaid planning, we can help you protect your financial assets, while remaining eligible for Medicaid. You should never think that is it too late to plan for your future. Estate planning and Medicaid planning involves responsibly considering your needs and goals for the remainder of your life. At Willis & Willis, we advise people about the process of applying for Medicaid when a person has assets in excess of that allowed for Medicaid approval purposes. Our attorneys will sit down and determine the most appropriate strategy for you. Contact us to learn more about elder law and Medicaid planning. Protecting Your Assets There are a variety of methods to protect your assets when applying for Medicaid. It is wrong to think that a viable way to protect your property is to give it away. There are a variety of tools available to convert property that Medicaid counts against you into otherwise non-countable property. If you own property that is not exempted for Medicaid calculations, it is wise to speak to an elder law attorney about your estate planning and probate options. Property exempted for Medicaid calculations include your primary residence, personal property, and one automobile. If you own property in addition to that exempted property, our firm will assist you in qualifying for Medicaid by:
Avoiding Guardianships and Conservatorships Guardianships and conservatorships are another thing you must consider during estate planning. Who will make decisions for you, once you are unable to do so independently? If you fail to name a durable power of attorney, a guardian and/or conservator will be appointed by the court for you in what may be a costly and lengthy court proceeding. We will assist you with creating powers of attorney and documents that spell out your intentions clearly. Contact one of our lawyers at Willis & Willis to schedule an appointment about your concerns. From offices in Kalamazoo and Paw Paw, we counsel people throughout Southwest Michigan, but have experience representing clients from California to Canada. |
