Do you know whether you need estate planning or long-term care planning, and how to find a competent attorney?
Most people don’t. Clients often think they need to protect assets from a nursing home only to learn that what they really need is a new will, trust and powers of attorney.
MAKE A PLAN FOR YOUR ESTATE
Estate planning is the process of providing for yourself and your family in the event of your retirement, disability or death. Through a properly crafted estate plan, you put your legal and financial affairs in order so that the assets you have accumulated during your lifetime will be preserved and transferred to your heirs with the least amount of tax, financial and emotional cost. The most common estate planning tools available include a will, a trust, a durable power of attorney, a health care power of attorney and a living will declaration.
Sit down with your family to plan out some of the most important issues you face. Who will handle your affairs when you are incompetent or dead? How do you want to pass your assets to the next generation? What kinds of medical treatment do,you want or not want at the end of life? Your plan will vary depending upon your family situation, assets, and goals and plans for the future. The more your net worth, the more complicated and more important the planning becomes.
Long-term care planning includes many of the same things that you need for estate planning. In addition, a big focus is how to protect and preserve assets if you need long-term medical care.
LONG-TERM CARE PLANNING
Often, long-term care planning means trying to qualify for Department of Veterans Affairs or Medicaid benefits — the only government programs that will pay for long-term care at home, in assisted living and nursing home care. Both are need-based programs. You cannot have much in the way of assets or income to qualify. The rules are changing drastically this year; legal help can be vital when navigating the complicated systems.
With nursing home costs running up to $100,000 per year, people need to plan early to legally preserve as many assets as possible. This may include spending your money on certain protected assets or giving them away. The planning is complex and must follow the letter of the law to comply with regulations. The longer you wait, the fewer options that exist.
CHOOSING AN ATTORNEY
How do you know which kind of planning you need? And, how do you know what specific planning tools to use among the hundreds available? You must investigate all the possibilities with the proper attorney.
The best way to find an attorney is through family, friend or coworker recommendations. Look for a lawyer who is friendly, competent and will work with you to meet your goals.
The attorney must be well-versed in the kind of law you need. Check credentialing to determine if the attorney is certified in the area of law you need. For example, there is an Ohio and federal certification for elder law; an Ohio certification for estate, probate and trust administration; and also federal VA accreditation. Plus, you can check online legal directories such as FindLaw.com, Avvo.com or Martindale-Hubble (martindale.com) for attorney rankings.
