Protecting Family Assets While Ensuring Care for the Elderly
THE ELDER LAW ATTORNEYS AT THE STRAZZULLO LAW FIRM
Many older people need a bit of help to stay in their homes; some elderly people will need more help than family or a visiting nurse can provide. They will need skilled nursing care in a long-term care facility.
The later years of life can be expensive, but often, with careful planning, families can leverage the earnings and investment of earlier years to ensure that elderly parents receive the care they need. Planning is key.
- Protect family assets to ensure needs will be met throughout their lifetime
- Protect the family home and ensure that a healthy spouse does not become impoverished or lose his or her home to provide for an ill spouse in a nursing home
- Ensure medical care is available for whatever type of living situation an elderly person needs (nursing home or visiting home nurse), and that Medicaid can be accessed to provide for needed care
- Gift future generations with family heirlooms and assets while minimizing estate taxes and avoiding the delays of probate where possible
Contact the Strazzullo Law Firm to schedule a free initial consultation with an experienced elder law attorney. The earlier you plan, the better prepared you will be should an unexpected emergency arise.
Living Trusts and Elder Law Planning
While our elder law attorneys are prepared to discuss a wide range of estate planning tools, we often find that revocable or irrevocable living trusts are ideally suited for our clients needs.
By placing property in an irrevocable living trust, that property is protected from estate tax, can be easily and quickly transferred to heirs, and still allows the elderly person to qualify for Medicaid assistance within a certain timeframe, if conditions are met.
Work with a Lawyer Trained in Elder Law
Our elder law attorneys understand the county requirements that impact an elderly person’s ability to qualify for Medicaid. We can recommend a combination of estate planning tools, as well as accounting services, financial planners, or insurance purchases to meet your goals. Because we do not earn a fee from the sale of these products, you can be confident you are receiving comprehensive and unbiased advice that puts your interests first.
Take advantage of existing tax laws without running afoul of Medicaid or state and federal tax requirements. Contact an elder law attorney at the Strazzullo Law Firm for help.