Every family has to consider the possibility that, at some time, a senior member will need either temporary or long-term nursing home care. At that point, the elderly person not only has to deal with health problems, but with financial concerns.
If you would like to know what options are available, one of our Detroit elder law attorneys will discuss options that may be appropriate for your situation. The Prince Law Firm, an estate planning practice in Bloomfield Hills, Michigan, offers free initial consultations. Our Detroit-area elder law lawyers are prepared to handle a very wide range of estate planning issues.
Knowledgeable Advocates Offering Sound Advice
There are some measures you can take to:
- Preserve assets to maintain your or your spouse's quality of life while qualifying for Medicaid
- Pass a portion of your wealth to your children before medical care has depleted your estate
- Ensure you have the most independent living situation possible in the event your health fails
- See that your spouse is taken care of if you need nursing home care
- See that if you are not able to make decisions for yourself, your designated representative has the power of attorney to make them on your behalf
You should begin Medicaid planning as soon as possible, to take advantage of all options available. A lawyer will explain how, through trusts, title changes, asset protection, and gifting, you may be able to pass on some of your estate to your heirs before you qualify for Medicaid. Other Medicaid trusts are designed to preserve assets for your quality of life while you are receiving government benefits. You do not necessarily have to "spend down" as quickly as it seems.
What Are Your Elder Law Needs?
Then there are the most basic estate planning instruments that every person should have in place. At The Prince Law Firm, our elder law attorneys tell every client that he or she needs, at a minimum, a Michigan will, a durable power of attorney, and a health care power of attorney. If appropriate, we'll also help you explore other documents, such as an advanced health care directive.
To learn more about our elder law practice, please make arrangements to schedule a free consultation by contacting us online, or by phone at 248-419-1968. We have earned an excellent reputation in the Michigan legal community, and receive many referrals from other attorneys.