How Elder Law Attorneys Can Help You Get The Assistance You Need For Estate And Long-Term Care Planning

Here at Tacoma Elder Care we assist individuals and families in developing estate and long-term care plans to avoid depleting their assets should they become ill and need long term care. For those individuals who are already in a nursing home, elder law attorneys help them qualify for Medicaid benefits while maximizing the amount of money they are able keep.

Here are three examples of families we were able to assist this year (names have been changed for their privacy):

1.  John met with our office this year regarding his father. John had been living with his father for several years, as his father was unable to live on his own. Unfortunately, his father was at a point where it was no longer safe for him to live at home, even with John’s assistance. John had just placed dad in a Washington nursing home and, because his father had no money, John was concerned that he would have to sell his father’s house to pay for his care and then he’d have no place to live. It was very important to his father that he give his home to his son as a way of saying, “thank you,” for the care John had provided. However, both John and his father had heard that gifting the home would cause his dad to be ineligible for Medicaid. Through some planning, we were able to transfer the home to John, without causing any Medicaid penalties for his father.  The month John’s father moved into the nursing home we applied for Medicaid, included the transfer of the home on his application, and he was approved for benefits!

 

1. Mr. and Mrs. Brown owned their own home, worth about $200,000, and had assets (not including their home) totaling approximately $150,000. Mr. Brown had social security income and a pension totaling $1,800 a month and Mrs. Brown had social security income of $400 a month.  Mr. Brown entered a nursing home in March and Mrs. Brown went immediately to the Department of Social and Health Services to see what benefits they would be eligible to receive. She was told her husband would qualify for Medicaid once they spent down to $56,726 (not including their home). Her financial adviser recommended she contact our office and we were able to qualify Mr. Brown for benefits without the family spending a dime and were able to save all the couple’s assets through a process that used to require a hearing.

 

1. Howard came into our office in June. Six months ago, his wife had entered a nursing home which was costing the couple approximately $8,500 each month. Their assets totaled $240,000 at the time she entered the nursing home and Howard was told once they spent down to $120,640, she would qualify for Medicaid. We advised Howard that he could stop spending down immediately and should purchase a “Medicaid approved annuity” with a portion of their assets. Within two weeks of our initial meeting, we put a Medicaid application on file. Two months later, we received word that his wife was approved for benefits retroactive to the date of application. Not only did Howard save over $120,000, but his co-pay to the nursing home is now only $510 per month! This type of planning was possible through a specific type of annuity that may be available to help you!

​Please keep in mind that Medicaid planning is very fact-specific and not all the above planning techniques work in every situation.  Before, “spending down all of your assets,” we recommend contacting Tacoma Elder Care, experts in Elder Care law.

Contact us today!  Or call for a consultation!

Here are some important questions to consider!
•             When was the last time your trust/estate planning documents were reviewed? 
•             Do they still reflect your intentions? 
•             Do they comply with the current laws?