Estate Planning for the Elderly
Depending on what kind of care they need, and what their countable assets are, and what their accountable income is, what state they live in, and what the current state of the law is with regard to Medicaid qualification, they need some estate planning that takes all those things into thought in that regard. If I don’t account for all those things, then I will run the significant risk of harming them with my advice. The law will change, the numbers will change. What will not change is, there are thousands upon thousands of elderly people who transfer assets out of their name and find out later that they didn’t need to, but they have lost the ownership, the title, the right, the possession, and sometimes even the right to occupy the property that they’ve transferred out. Please don’t allow somebody that you love to make a hasty decision with regard to those transfers based on what you think you know about Medicaid qualification and long-term health care needs.