The practice of Elder Law encompasses traditional Estate Planning and Estate Administration, but also involves asset protection planning for long term care and the possibility for nursing home admission.
Medicaid and Long-Term Care Planning
The average cost of a nursing home stay in Pennsylvania is approximately $10,000 per month which can decimate a family’s life savings and consume income and royalties. Proper planning in advance and also at the eleventh hour can avoid this catastrophe. With a Certified Medicaid Planner on staff we help families through this difficult time and save homes and assets for future generations. By drafting a detailed, individualized plan of action we can protect assets for the Community Spouse and his or her children. We understand the intricacies of Medicaid planning and are skilled in working with Department of Human Services caseworkers to provide stability and balance throughout the daunting application process. From the initial consultation to the filing of the Resource Assessment and Medicaid application we will work with you to preserve your assets.
Traditional estate planning consists primarily of drafting the three essential documents: your Will, Power of Attorney, and a Living Will or Advanced Directive. These documents are the foundation of an estate plan, and should be carefully drafted to ensure that your wishes are carried out. It is important that these documents meet your needs for traditional estate planning and for the possibility of long-term care. Nursing home planning requires certain specific provisions in Wills and Powers-of-Attorney. Failure to address these issues becomes very frustrating and expensive. It is advantageous to have your existing Will and Power-of-Attorney reviewed to determine if they meet the criteria required for long-term care and Medicaid planning.
Dealing with the passing of a loved one is difficult enough without the burden of worrying about administering an estate. Our office can help you during that difficult time, and guide you in probating the Will, and promptly making the necessary filings for estate or inheritance taxes and the ultimate distribution of the estate.
In addition to the traditional estate planning issues, royalty owners are more likely to face federal estate taxes which can deplete assets intended to pass to their heirs. Our office can help royalty owners protect their assets from estate taxes and nursing home costs and ensure passage to the next generation. Frequently, a Family Limited Partnership, Limited Liability Company, or Trust is an effective and efficient way to achieve royalty owners’ wishes for passing assets to the next generation.