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| 11271 Ventura Blvd. |
| Suite 473 |
| Studio City, CA 91604 |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
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| Warner Center Towers |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
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| Watt Plaza |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
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| Fashion Island |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
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Elderly Estate Planning Needs
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With the advancement of the average age in the United States, baby-boomers are now dealing with health and legal concerns that they did not expect. Elder law has been established to deal with the legal, financial, and health needs of senior citizens. Elder law does not merely consist of estate planning, but also involves the preparation for long-term healthcare needs, applying for government programs, addressing financial fraud, combating physical abuse, and establishing guardianships and conservatorships.
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Medicare, Medicaid, and Nursing Homes
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Generally when nursing home care is needed, Medicare covers only a portion of the bill. Generally, Medicare covers the first 20 days and a portion of the next 80 days as long as one is receiving treatment and improving. Medicare does not provide coverage for long-term healthcare. The only government program that is designed to help with the expense of long-term care is Medicaid. However, Medicaid is restricted to those with lower income and limited assets.
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In many cases where an individual has not adequately planned for their future healthcare needs, a nursing home stay or extended medical treatment can wipe out any accumulated assets. An individual can quickly go through their life savings to cover these expenses. To avoid this, an estate plan can redistribute the assets of an elderly person over time to reduce the assets below the amount required to qualify for Medicaid. This strategy allows an elderly person to distribute their assets to children or other family members so that they will not be used up to pay for healthcare expenses or nursing home costs.
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Because Medicaid rules prevent a person from transferring assets right before going into a nursing home, an estate planning attorney can ensure that assets are transferred in a way that does not jeopardize any (potential) Medicaid benefit.
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Conservatorships
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When the health of a person deteriorates to the point that they are unable to manage their own affairs, state law allows for the appointment of a conservator. A conservator is given the authority to make financial decisions under court supervision for a person who lacks the capacity to make those decisions for themself. The costs and expenses of a conservatorship, as well as any attorney fees, are paid by the estate of the incapacitated person.
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When a conservator is appointed by the court, there is no guarantee that the incapacitated person’s goals and desires will be known to the conservator. A clearly laid out estate plan can prevent a court from imposing a conservatorship. A durable power of attorney allows the incapacitated individual, rather than the court, to choose a person they trust to manage their financial affairs, in the event of incapacitation. A living will or healthcare directive can direct a healthcare professional whether to use artificial life support, and a durable healthcare power of attorney allows people to name someone who they trust to make healthcare decisions in the event they are unable to make those decisions for themselves.
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There are many special concerns that must be addressed when drafting an estate plan for an elderly person. Consulting with an estate planning attorney will allow for an elderly individual to plan their estate while ensuring that they are not jeopardizing any potential benefits.
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If you are ready to plan your estate, contact us at 877-479-7970, or e-mail us at info@law-thomas.com, to arrange for a confidential complimentary consultation.
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Q: What is a will?
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A: A will is a written legal document with instructions for distributing an individual's assets after his or her death. A will must be formally executed as required by state law to be legally valid and enforceable.
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Q: How can a person change his or her will?
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A: A will is typically valid and effective until it is revoked, destroyed, or invalidated by writing a new will. Alterations to an existing will, such as crossing out language or adding a new provision, do not usually meet the legal requirements for executing a valid will and do not affect the terms of an existing will; however, changes or additions to an existing will can be made by codicil. A codicil is a document executed in compliance with applicable state law that modifies an existing will or codicil.
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 How Much Estate Tax Will You Pay?
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This estate tax calculator adds up many different types of assets to get an estimated estate tax figure for your current estate.
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Social Security Administration Retirement Planner
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The federal Social Security Administration provides retirement planning and disability benefit information from this Web site.
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