An Elder Law Attorney can help a family plan for medical expenses, minimize tax liabilities and preserve wealth by drafting necessary legal documents including a power of attorney, a living will or health care directive, and a last will and testament. An Elder Law Attorney can also help complete complex Medicaid and Medical Assistance applications.
There are complex rules and regulations in regard to income restrictions for applicants. Some well-meaning individuals start to give away assets to their children or grandchildren in order to lower the value of their estate to qualify for various government-sponsored benefits. The danger in this strategy is that the government will look back at the asset liquidation and may actually disqualify an applicant for a number of months based on how much was given and when.
In a recent case in Massachusetts, the Court disqualified a parent for Medicaid based on promissory notes he had used to transfer assets to his children. The case is “Jackson v. Director of Office of Medicaid” (Mass. App. Ct., No. 10P706, July 19, 2011).
Getting Legal Help
Experienced Estate Planning and Elder Law Attorney Elga Goodman has experience helping clients with necessary legal documents for medical care, assisted living, living wills, last will and testaments, financial matters, and preserving assets. Call us today at 973-841-5111 to learn more.