We are back with our final installment to this series. We hope you’ve learned about elder care and how important it is as a part of estate planning in Cary NC. If you have any questions while reading this or other blogs in the series, contact us. We are here to help.
Elder Care and Estate Planning in Cary NC
Below, you’ll find the final two questions and answers that should help you better understand elder or life planning and care.
What is Medicaid?
Medicaid is a social program that gives people with limited resources health care. In cases of senior citizens, it can help provide care for them in a nursing home or a home healthcare system that is certified.
There are limits on assets that can prevent someone from qualifying, but a Medicaid annuity can be purchased and paid back in the form of monthly payments. These payments can go toward the cost of living in a nursing home with the remainder being paid by Medicaid. If you or your loved one has limited resources for healthcare, it is an option to consider. An elder law attorney can help you through the application process, which can be complex and time consuming.
What is a look-back period?
People with assets that disqualify them from Medicaid can give away their assets or put them in an irrevocable trust in order to meet the financial requirements. When someone gives away assets and then applies for Medicaid, financial records from the last five years are reviewed to see what transfers were made. If a gift or transfer was made during that period, or “look-back,” he or she will not qualify for Medicaid until that amount of money is used for care. This is another reason it is important to plan ahead.
Thanks for reading our series on elder law. Stay tuned for more posts about this branch of law. In the meantime, if you have questions, don’t wait. Call Klish and Eldreth today to make an appointment to talk with our elder law attorney. We look forward to helping you with your legal needs!
Klish and Eldreth | Estate Lawyer Cary
Keeping your estate plan up-to-date with changes is important. Meeting with your estate lawyer in Raleigh quarterly, semi-annually, or at least annually might be a good idea. That way, you can ensure that all changes are updated and documented properly, in the event that you have an untimely incapacitation or death.
Remember, if you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our estate lawyer in Raleigh is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office.
As always, feel free to contact us at our office to schedule a consultation with if you are looking for a lawyer to represent you in other legal matters. We are here to assist you with small business needs, trademarking, copyrighting and DWI issues.
Missed other blogs in this series? Visit them below: