LONG TERM VS SHORT TERM DECISIONS
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 spouse if all the family funds are spent on the sicker spouse. Will both spouses have a quality of life? Will they be able to remain in the place they would like to live or receive care? What will happen to the healthy spouse or disabled or dependent child? What about the legacy/ inheritance they want to leave to their children? Not all asset protection lawyers are prepared to answer these questions, but at Slutsky Elder Law, we have spent three decades advising families in Montgomery County, PA, and surrounding communities about important considerations like these.
Sometimes the care needs of the older or disabled adult child may be better served by paying more in the short run or focusing on priorities other than asset protection. Further, there are situations when spending more money on the front end can enhance overall care and quality of life overall for both partners. This can help them preserve assets while obtaining future eligibility for Medicaid (or Medical Assistance in Pennsylvania). In general, the conventional wisdom states 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 to preserve assets. Are there other family members or important parties whose care we need to consider? Would they be harmed or benefit by the proposed asset protection plan? Like all good planning provided by a Medicaid attorney, one must consider all aspects of the eldercare and asset protection plan including care level, care needs, types and values of assets, needs of the spouse and other family members (such as a disabled child, for example), tax consequences of the plan and other important information before settling on the right asset protection plan.
A well-thought-out and comprehensive Medicaid Asset Protection plan from your Medicaid attorney can address all the important concerns that matter to YOU.
Slutsky Elder Law understands all the implications of different planning options and can help you make the best decisions while addressing YOUR priorities and concerns, for you and your family. Get in touch with us if you need advice about Medicaid planning in Chester County, PA, or Delaware County, PA. Robert Slutsky has the experience that many other asset protection planning attorneys in the area do not, and you can count on him to help you develop the right plan today and for the future.
Professional Medicaid Attorney in Montgomery County, PA
Hundreds of thousands of people in communities like Delaware County, PA across the country depend on Medicaid to pay for their long-term care expenses, and when they need to ensure they can maintain their eligibility in the long term, they turn to asset protection planning attorneys for advice. Whether you are applying to Medicaid for the first time or you want to ensure you can continue receiving benefits, there are a number of specific conditions you must meet as far as income and assets. An experienced Medicaid lawyer can tell you more about these conditions and strategies you can use to meet them. The cost of long term care has risen rapidly over the past decade, but there are some ways you can protect yourself from these expenses:
- Purchase long term care insurance before you need it;
- Transfer assets to loved ones five years before you need to receive care;
- Place your money in an irrevocable trust;
- Hire an experienced Medicaid attorney to help you plan your estate.
If you are currently searching for asset protection lawyers in Montgomery County, PA, Slutsky Elder Law is the only firm you need to call. Robert Slutsky has spent his over-30-year career as a Medicaid attorney focusing on the issues that are of specific concern to seniors and their families. When you need a good Medicaid lawyer, you can trust Robert Slutsky to provide the right advice for you. He can also assist you as an estate planning lawyer in Chester County, PA, so get in touch with him for all your elder law needs.
