A Medicaid Planning Attorney looks at the Big Picture
It’s important to consider many things when undertaking Medicaid or Asset Protection planning. Often the fear of losing all of one’s savings to the cost of care overshadows the many important considerations in a successful elder care and Medicaid or Asset Protection plan.
Medicaid is meant to provide for those who have lost the means to provide for themselves. It is a means tested, poverty based program. This means that there are certain standards and limits regarding how much you can own in assets while still being eligible for assistance. However, if you understand the rules, you can keep more assets and still be eligible for Medicaid. At Robert M. Slutsky Associates, we understand the rules.
Often, people don’t consider the long term effects of short term decisions. Particularly with Medicaid and Asset Protection Planning, families are in crisis and worried about the needs of the healthy spouse and what will happen to the older adult if all of their funds are spent. Will they be able to continue to receive quality care? And where will they get it? What will happen to their spouse or dependent child? What about the inheritance they wanted to leave to my children?
Sometimes the care needs of the older adult may be better served by paying more in some instances to provide better care and obtain better benefits and quality in the long run. This can help them preserve assets while obtaining future eligibility for Medicaid (or Medical Assistance in Pennsylvania). In general, the conventional wisdom states that the less you pay in taxes, the more of your assets are preserved. However, looking at the big picture, it can often be better to forgo some tax benefits in order to preserve assets. Are there other family members whose care we need to consider? Would they be harmed or benefitted by the proposed asset protection plan. Like all good planning, one must consider all aspects of the elder care and asset protection plan including care level, care needs, types and value of assets, needs of the spouse and other family members (such as a disabled child), tax consequences of the plan and other important information before settling on the right asset protection plan.
A well thought out and comprehensive Medicaid or Asset Protection plan can address all of the important concerns that matter to YOU.
The law offices of Robert M. Slutsky Associates understands all of the implications of different planning options and can help you make the best decisions for you and your family.
Have questions about Elder Law or Medicaid Planning?
If you have questions regarding Elder Law or Medicaid Planning and the options available to you in the state of Pennsylvania, or to schedule a consultation, call Robert M. Slutsky Associates at (610) 940-0650.
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