The deed that a client has needs careful review to know what their ownership interest is in the property. Their ownership interest and the timing of any transfer would have significant impact on long term care concerns.
The purpose of this article is to provide information and a general understanding of how guardians and conservators for adults are appointed. If a client, however, has a Durable Financial Power of Attorney and a Healthcare Power of Attorney, these court proceedings can be avoided.
The Solely for the Benefit of Spousal Trust is an irrevocable trust that preserves the assets for
the Community Spouse and distributes them to him or her over their lifetime based on the
Medicaid life expectancy tables.
When planning for Medicaid, it is important not to overlook the possible death of the community
spouse (the spouse not in the nursing home) before the institutionalized spouse.
The need for an estate plan is always important, however, it can be especially valuable if long term care is needed for a loved one. This is especially true with the many changes in regard to Medicaid eligibility.
As your loved ones need more care, it is important to seek advice from an Elder Law attorney. The discussion begins with a determination as to the level of care the loved one requires.