"[Evan's] advice is both well thought out and thoroughly researched. His explanations of complicated subjects are always easy to understand and his patience in answering questions was greatly appreciated."
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Life Care Planning & Medicaid Asset Protection
What is Life Care Planning / Medicaid Asset Protection?
Life Care Planning and Medicaid Asset Protection is the process of protecting assets from having to be spent down in connection with entry into a nursing home, while also helping ensure that you or your loved one gets the best possible care and maintains the highest possible quality of life, whether at home, in an assisted living facility, or in a nursing home. This process is called Life Care Planning because it is designed to be an ongoing, life-long process. Although the initial Asset Protection Planning may take as little as a few weeks or few months, the services that we provide are designed to continue until death.
Life Care Planning and Medicaid Asset Protection can be started any time after a person enters the "long-term care continuum," meaning that a person is starting to need assistance with Activities of Daily Living (eating, dressing, bathing, toileting, transferring, and walking) or Instrumental Activities of Daily Living (such as cooking, cleaning, caring for pets, paying bills and managing finances). This type of planning can be started while you are still able to make legal and financial decisions, or can be initiated by an adult child acting as agent under a properly-drafted Power of Attorney, even if you are already in a nursing home or receiving other long-term care assistance. In fact, the majority of our Life Care Planning and Medicaid Asset Protection clients come to us when nursing home care is already in place or is imminent.
If you are still healthy and not yet on the "long-term care continuum," then instead of Life Care Planning and Medicaid Asset Protection Planning you should consider our Living Trust PlusTM Asset Protection Trust, which is a simpler and less expensive method of asset protection for clients who will most likely not need any long-term care for at least five years.
With proper planning, families can obtain Medicaid assistance without having to deplete their life savings.
Protecting The Spouse:
Protecting Quality of Life:
Protecting Disabled Persons:
During the initial consultation we will typically:
• Assist you in identifying your goals and objectives;
After the initial meeting, Mr. Farr will spend a great deal of time analyzing your situation, applying his specialized knowledge and experience, and performing the dozens of calculations necessary in order to come up with the best asset protection strategies for your situation, customized to achieve your specific goals on the basis of your income, assets, expenses, and medical condition. All of this information is then put into a written Asset Protection Plan, which will set out all of the strategies in detail, along with any options and alternatives that need your consideration. After your review, you will meet again with Mr. Farr or another attorney in the firm to go through and finalize the Asset Protection Plan so that it can then be implemented.
Our office assists you to the extent possible in seeing that this is done. For example:
• If real estate needs to be transferred to a spouse or child, our office will prepare the deed and record it for you.
• If you need to deal with financial institutions or insurance companies, our office will obtain all the necessary forms for your signature.
• If the plan calls for the purchase of an annuity, our office will assist you in dealing with the insurance company to be sure that a policy is furnished that will meet the ever-changing Medicaid requirements.
• Filing the Medicaid Application: The final phase of the process for the Medicaid long-term care assistance. Every item on the application must be documented and explained. We will do everything needed to prepare and file the application for you, and we will also be the ones to answer questions that the Department of Social Services may have about the application.
This varies from client-to-client, but as a general rule, for a married couple we can protect one-hundred percent (100%) of your assets. For an unmarried client, we can typically protect anywhere from forty percent (40%) to seventy percent (70%) of your assets, though sometimes we can protect all of your assets, depending on the specifics of your situation. Remember that we are talking here about asset protection planning at or near the time that the long-term care will be needed -- most often when nursing home care is already in place or is imminent.
Many people have heard that you must do Asset Protection planning three or five years prior to entering a nursing home. This is simply not true. There is a Medicaid rule known as the "lookback period," which is currently 5 years. However, this does not mean you have to planning 5 years prior to the nursing home; rather, it means there are penalties, in the form of periods of ineligibility for Medicaid, for certain types of planning done within five years prior to applying for Medicaid. We are of course fully cognizant of these rules and penalties and all other Medicaid requirements, and very careful to comply completely with the law. Having to deal with the 5-year lookback period is why for unmarried clients we are typically able to protect only forty to seventy percent of your assets.
Remember, if you are still healthy and not yet on the "long-term care continuum," then instead of Life Care Planning and Medicaid Asset Protection Planning you should consider our Living Trust PlusTM Asset Protection Trust, which is a simpler and less expensive method of asset protection for clients who will most likely not need any long-term care for at least five years.
At the initial interview, or sometimes the second interview, which usually lasts one to two hours, we will need to review several types of personal information concerning your estate. Please bring the following documents with you to your initial meeting:
• Intake form which we will send you with our initial letter confirming your appointment. Please fill this in as best as you can. If you find it overwhelming, bring us the statements and we will be happy to fill them in with you. The more information you give us, the better the plan we will be able to give you.
• All bank statements, statements from brokerage firms, mutual funds, etc. All of this is important to help us protect those assets for you.
• Current addresses of your children and those persons whom you would want to be your healthcare representatives or be your agent under your Power of Attorney. Current addresses with ZIP codes are very helpful.
• Copies of your existing documents -- your Wills, Living Trusts, Living Wills, Powers of Attorney, etc. We will review these for you. If they are adequate, we will leave them alone, but there is a good chance they will need to be modified.
• It is important that all of the family "decision-makers" be present at the initial meeting so that everyone's questions can be answered directly by Mr. Farr and so that the work can be begin immediately. If you would like to bring additional family members with you to the appointment, you are welcome to do so, but this is not required.
Our goal in serving you is to give you not only the best legal advice, but also excellent client service. We try very hard never to keep you waiting. We try to return our phone calls promptly, and work as a team so that there is always someone available to help you when you need it.
We strive very hard to deliver consistently high quality service to you. All of the people who work in our office are committed to this goal. They are all caring people, and they understand the problems you are facing. This is critical to us in the attorney-client relationship.
We can help you achieve your goals. We are able to help almost everyone who comes into our office. Please give us the opportunity to assist you and the information that we need to do a good job.