An ounce of prevention is usually better than a pound of cure, but sudden life changes may put you in an unexpected situation where you need assistance now. Setting up an elder law and estate plan ahead of time is always the best course of action, but we’ve helped clients when they were already in the middle of a financial crisis before. It’s never too late to work with an elder law professional, although there are some hurdles to be aware of when dealing with unforeseen financial or medical changes.
Why Sooner Is Better Than Later
One of the biggest issues with seeking elder law advice in the middle of a financial hardship occurs when applying for Medicaid to cover the cost of a nursing home stay.
Medicaid uses a five-year lookback period that scrutinizes your finances and any property or money you’ve given away or shifted into a child’s name. That means financial decisions you’ve made in the past may prevent you from receiving assistance in covering a nursing home stay that’s suddenly necessary right away.
There’s good news on that front, however. We have patented trusts and other means of reversing gifts that can help even if you’ve already made a financial move that causes problems with the five-year lookback period.
No matter your situation or past actions, our goal is to help you remain financially independent and retain as much of your assets as possible while ensuring the nursing home still gets paid. Aside from working with the Medicaid system for nursing home care, an elder law attorney can be a valuable asset before or during a financial crisis if you:
- Are concerned about a disabled child or spouse receiving proper care
- Have assets you want to go to specific people, organizations, or charities
- Need someone to make medical decisions for you
- Recently received a devastating medical diagnosis like dementia or a physical disability
- Want to avoid your assets going through the probate process after death
Protect What You’ve Earned by Contacting an Elder Law Attorney Today
Whether you need help right now or are planning ahead for an uncertain future, set up a 15-minute consultation with Legacy Lawyers. We can analyze your current financial situation and come up with a plan that best fits your needs and protects your hard-earned assets.