When many people think about preparing for the future, their minds go straight to drafting a will or creating trusts. But true later-life planning involves much more. It’s about making sure you have the resources, care, and support you need to age with dignity, independence, and security. At Leydorf Law Firm, PLLC, in East Lansing, we understand how important these decisions are, and we want to help you make them with confidence. Contact us for an initial evaluation with a knowledgeable elder care lawyer in DeWitt, Grand Ledge, and other local communities, and let’s talk about building a comprehensive plan that will provide you with comfort throughout your golden years.
Elder law encompasses various forms of planning and legal structures to ensure that you or a loved one receives the necessary care and support in later years. Below are some of the most significant aspects of elder law.
Medicaid planning refers to the process of developing a legal strategy to help an individual or married couple qualify for Medicaid benefits that can help cover the cost of long-term care, such as home health services or admission to a nursing home facility. As a need-based program, Medicaid has strict asset and income eligibility thresholds that many individuals and couples exceed—including those who do not have sufficient wealth to support themselves without assistance. Medicaid planning can help an individual or couple restructure their finances to qualify for Medicaid once they require long-term care. Some of the more common tools in Medicaid planning include:
Medicaid planning can also involve crisis planning in the event that an individual experiences a sudden health emergency that leaves them in need of Medicaid benefits. Ideally, Medicaid planning strategies should account for the program’s five-year lookback rule, which imposes a penalty (delay) on benefits for non-compliant transfers for less than fair value that occur within the five years preceding an application for Medicaid benefits. However, as crises are by their nature unpredictable, they can lead to situations where an individual needs to apply for Medicaid immediately and without having had time to implement strategies that comply with the lookback rule. Consequently, crisis planning focuses on strategies to avoid or minimize the penalties imposed by the lookback rule in these circumstances.
A family may need to undertake special needs planning for an older loved one who has long-term special needs. This involves coordinating various benefits, including Social Security disability or retirement benefits, Medicare, and Medicaid. Special needs planning strategies may include special needs trusts that can help preserve an adult’s eligibility for Medicaid or other means-tested government benefits by protecting assets, such as a primary residence, inheritance, or injury settlement. Special needs trusts can also supplement an individual’s government benefits by helping to pay for items or services not covered by Medicaid or health insurance.
Special needs planning may also incorporate durable powers of attorney to authorize a family member of an older adult with special needs to manage their medical, legal, and financial affairs.
A conservatorship involves a court appointing a party to manage an individual’s finances and assets because the individual cannot do so themselves because of cognitive decline or physical or mental incapacity. An individual under conservatorship becomes legally protected by the court. The court-appointed conservator must make decisions and take actions on behalf of the legally protected individual for the benefit of that individual.
Families may seek conservatorship for an older loved one who begins having trouble managing their financial affairs, including missing bill payments, misplacing money, or becoming the victim of undue influence or scams. A family member can petition the probate court for appointment as conservator of an incapacitated loved one, and this petitioner must prove to the court that their loved one cannot make competent decisions regarding their financial affairs.
Guardianship allows an individual appointed by a court to assume responsibility for caring for a person who has become incapacitated and cannot make decisions regarding their medical or personal affairs. Families may need to seek guardianship of an older loved one who can no longer make competent decisions regarding their medical care or personal matters, or who cannot communicate their wishes regarding such issues due to cognitive or physical incapacity.
With guardianship, a court-appointed guardian becomes responsible for managing various aspects of an incapacitated individual’s affairs, such as:
The court may grant the guardian the authority to manage only certain aspects of an individual’s affairs if it determines that the individual can handle other aspects of their affairs independently or with the help of a trusted advisor.
An experienced lawyer from Leydorf Law Firm, PLLC can help you or a loved one craft a comprehensive elder law plan by:
Remember, the best plans are made proactively rather than reactively. The sooner you begin drafting your elder care plan, the more options will be available to you.
Elder law is a complex legal field, and one you need to trust that your attorney not only has your interests in mind but has the experience and skill to protect them. Let Leydorf Law Firm, PLLC help you develop a comprehensive elder law plan for yourself or your loved one because:
As people age, they and their family may need to establish legal plans to ensure that they have support and protection in case they become more reliant on others. A seasoned elder law attorney in Okemos, Williamson, and East Lansing can help you evaluate your legal options and make the right decisions for your goals. Contact Leydorf Law Firm, PLLC today to learn more about the various aspects of elder law and to start developing the legal support system you or your loved one needs in later years.
Nick Leydorf is ready to help you with estate planning and elder law. Let Leydorf Law Firm, PLLC put our experience and diligent legal representation to work for you. Contact us today to learn how Leydorf Law Firm, PLLC can help you.
It’s never too early to get your plans in order. If you’re ready to plan for your future and protect your loved ones, reach out to Nick today to arrange your initial consultation with an estate planning attorney in East Lansing.
