Proactive And Effective Counsel For Elder Law And Medicaid Planning
With the rising costs of nursing homes, people in Massachusetts are finding that just a few years in a nursing home or long-term care facility has eaten through all their assets. Fortunately, with proactive estate planning, you can protect your assets and your eligibility for MassHealth.
At The Law Office of Michael F. Cuddy, we have extensive experience handling the complex financial and legal documents that our clients can use to limit the amount of assets that will be used to pay for nursing home or long-term care. We strive to help you meet your unique goals, whether you would like to contribute a reasonable amount of money to your care or you want to protect all your assets.
To ensure your eligibility for MassHealth, you must plan early. The government can look back for a period of five years to determine whether there has been a disqualifying transfer of assets. To discuss your Medicaid or MassHealth planning goals with one of our attorneys, call our Dedham office at 781-536-5255.
There are several estate planning tools that you may want to use to protect your assets from the rising costs of nursing home care. After discussing your goals and objectives, our elder law attorneys will discuss your options for Medicaid planning, which may include trusts and transfers.
Though most Medicaid planning must occur at least five years before entering a nursing home, there are some exemptions:
Special needs trust: If you have a loved one with special needs, a special needs trust is a great option for protecting your assets as well as their financial future. A special needs trust can be established at any time.
Caretaker child exemption: If one of your children has lived with you for at least two years and has provided basic care to keep you out of a nursing home, you may be able to gift the home to your child before entering a nursing home.
Our attorneys can also help you create instruments such as a health care proxy and a durable power of attorney to ensure your wishes are carried out should you become incapacitated or unable to make decisions for yourself.