Elder Law and Medicaid
Elder law is a field of law designed to help you create a more secure future for yourself and for the people who you care about. While elder law gets its name because attorneys in this field address issues that the elderly are often most concerned with, the reality is that everyone can benefit from getting the advice they need to make smart choices about the future.
Vermillion Law Firm, LLC can help. We provide comprehensive elder law and Medicaid services to clients in Dallas, Irving, Plano, and surrounding locations. To take steps to plan for incapacity, end of life issues, asset protection, and legacy planning, give us a call now at (972) 366-7201 . Our legal team can provide personalized advice and can answer general questions including:
- What do elder law attorneys do for you?
- Why is Medicaid planning so important?
- How can a Dallas elder law and Medicaid planning attorney help?
What Do Elder Law Attorneys Do For You?
Elder law attorneys assist their clients in many ways including:
- Help with financial planning. We assist in setting and achieving money goals for college, retirement, and other future life plans.
- Assist you in taking advantage of tax breaks for investment. We’ll discuss accounts like IRAs and 529 savings accounts which provide tax benefits that make it easier for you to save.
- Help you to make your retirement savings last. We provide advice on how much to withdraw from retirement accounts while protecting the balance.
- Help you to protect your assets. You need to protect your wealth in case you need to go into a nursing home or in case you become incapacitated. You can also make sure an inheritance you leave to heirs isn’t wasted or lost because of divorce or bankruptcy.
- Assist you in controlling medical care in your future. If something happens to you, you want to make sure you have advanced directives making your preferences for extraordinary life-saving care known. Do you want CPR, artificial hydration, or a feeding tube? Who should be in charge of making your healthcare choices if you haven’t made them in advance and cannot communicate your wishes. You need to plan ahead and answer these questions before something happens.
- Assist in making sure you can pay for nursing home care. Nursing homes are expensive and most private insurers don’t cover them. You need a plan so you don’t have to spend all of your money when nursing home care is needed.
- Help you to protect your family. You don’t want your family forced to go to court to get permission to manage your assets if you become incapacitated, and you don’t want your family fighting over what kinds of medical care you want. You also want to ensure your family is financially provided for, and that you have made provisions for care of minor children if something happens to you.
- Help you to give to charity. There are tools like charitable foundations and charitable remainder trusts which can allow you to maximize the value of gifts.
- Help to protect your legacy. Using wills, trusts, tools to avoid probate, and other estate planning tools, an elder law attorney will make sure you can provide for heirs when you are gone.
These are just a few of many services which elder law attorneys provide. You could experience an illness or injury at any time which leaves you incapacitated or results in your death. You need to get elder law help addressing these issues before the worst happens.
Why is Medicaid Planning so Important?
One of the most important services an elder law attorney provides is help with Medicaid planning. If you need routine nursing home care, Medicaid is usually the only insurer that will pay for it. Unfortunately, when you have too many assets, those assets count as resources and Medicaid won’t cover you.
You can make a plan to protect your assets and qualify for Medicaid will still using your personal wealth to provide for your family. An attorney helps you to structure ownership of assets so the property does not disqualify you from Medicaid coverage. To protect the maximum value of assets, this process must begin early.
How Can a Dallas Medicaid Planning Attorney and Elder Law Attorney Help You?
Vermillion Law Firm, LLC provides comprehensive advice with elder law issues and with Medicaid planning to seniors throughout Dallas, Irving, Plano, and surrounding areas. To find out more about the services we can offer to help you achieve a more secure future for yourself and the people who you love, give us a call at (972) 366-7201 or contact us online.