Asset Protection for the erderly – Protecting the work of a lifetime
(The following is a dramatization.)
The Smiths are a retired couple, but still live a fairly active life. Mr. Smith directs plays at the community theater and sometimes teaches adult education classes. Mrs. Smith spends three days a week as a volunteer at the Humane Society. They are both in apparent good health, but they have seen too many old friends slow down and lose independence to believe that their health will last forever.
They own one house, which they live in, and another which they rent out to another family. They own two cars, both of which they use often. They have income from Social Security, stock dividends and IRA payments, which are enough to keep them reasonably comfortable. They both have life insurance. They want to be able to enjoy the modest wealth they have earned over their lifetimes while still leaving a respectable share to their two children and five grandchildren. But in the event that one of them needs to enter a nursing home or other assisted living center, that wealth will be consumed by expenses in a matter of years.
They know that Medicaid has income and resource limits, but they do not know all the details. It is not a question of whether they will need to go on Medicaid, but of how much of their assets will be left by the time they do. They did not get where they are in life by failing to plan ahead, and they are not about to start winging it now.
Medicaid law and asset protection for the erderly
So the Smiths go online to learn what they can about asset protection for the elderly as it applies to Medicaid. What they learn is that there are different types of Medicaid, and until they know what sort of help they will one day need, they will not know what type applies to them. If one of them were to go into a nursing home, they would both be allowed to retain $10,000 in life insurance, but it would be only $1,500 if one of them went into an assisted living center. The look-back periods for transferring assets out of their name would also be different.
After several hours of trying to make sense of the increasingly confusing information they find, they decide to call for professional legal help. An elder law attorney explains to them the intricacies of Medicaid law and how to use it to protect their assets or Asset protection for the elderly
Assistance with asset protection for the elderly in Gastonia, NC
Robert C. Whitt is a Gastonia attorney, servicing the areas of Gastonia, Charlotte, Mount Holly and Gaston, Mecklenburg, Lincoln Counties and surrounding communities about the asset protection for the erderly. He focuses on wills, trusts and other aspects of elder law. Call and make an appointment today.