A seasoned lawyer in a big city can charge upwards of $600 an hour, while a younger, less experienced attorney in a more rural state may only cost $125 an hour. Most lawyers will charge a flat rate fee for Medicaid planning. Depending on the package of services that are selected, the costs will vary.
A reputable elder law attorney helps protect your senior’s legal and financial situation and helps you figure out how to pay for the care they’ll need. The fees are well worth it if they can save your family thousands of dollars and avoid future legal headaches.
According to the National Academy of Elder Law Attorneys, elder law encompasses many fields of law , with elder law attorneys specializing in numerous areas, which can include : Administration and management of estates and trusts. Elder abuse and fraud. Estate planning, probate, trusts, wills and other financial
Ask Questions First How long has the attorney been in practice ? Does his or her practice emphasize a particular area of law? How long has he or she been in this field? What percentage of his or her practice is devoted to elder law or special needs planning?
An irrevocable trust allows you to avoid giving away or spending your assets in order to qualify for Medicaid. Assets placed in an irrevocable trust are no longer legally yours, and you must name an independent trustee.
Should you choose to work with an attorney , one might expect fees in the range of $250 – $500.
Most elder law attorneys handle a wide range of legal matters affecting an older or disabled person, including issues related to health care, long term care planning, guardianship, retirement, Social Security, Medicare/Medicaid, and other important matters.
To make it easier for seniors to find an attorney, AARP began its Legal Services Network in the fall of 1996. The network provides AARP members with a free 30-minute initial consultation with an attorney who meets AARP’s standard of experience and customer service .
An experienced Medicare attorney can help you understand the various options available to you so that you can make informed and confident decisions about your future. Medicare is broken into five separate parts: Part A/Hospital Insurance covers hospital, nursing and hospice care.
A nursing home can ‘t “go after” a person’s home or other assets . The way it works is that when a person goes into a nursing home they have to find a way to pay for the cost of their care. Most seniors have Medicare. But Medicare provides only limited nursing home benefits and only to people who need skilled care.
The Older Americans Act of 2006 defines elder financial abuse , or financial exploitation , as “the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or fiduciary, that uses the resources of an older individual for monetary or personal benefit, profit, or
The basic difference is that Elder Law planning seeks to preserve your income and assets for use while you are alive. Estate planning is primarily concerned with implementing your wishes and distributing your assets after you pass on, in the most efficient and tax advantaged way.
The $10,000 per person per year gift is permitted under the federal gift tax laws, not the laws which govern eligibility for Medical Assistance for long term care. In fact, the annual gift tax exclusion for 2010 is not $10,000, but $13,000.
In summary, the general rule is that, while a senior is alive, their home will not be “taken” or required to be sold to pay the nursing home or the state government. However, their home may need to be sold to repay the state after their death.
Yes, you can sell your home while on Medicaid , but with the risk of losing Medicaid eligibility. This is because once your home has been sold, it is no longer an exempt (non-countable) asset . Some states only go after fund reimbursement via assets that go through probate. California is one such state.