Like it or not each day of our lives we get older. If you need extended nursing home care, you will want to ensure that the assets you have spent a lifetime accumulating will not suddenly disappear. Your home and other assets will need to be protected for your surviving family members. The court will appoint a stranger to act as your conservator or guardian in the event you have not previously chosen one. These are issues over which you have control, and consulting with an estate planning attorney will allow you to plan for your future.
Answers to Your Estate Planning Questions
If you are about to go through the estate planning process, make sure you understand your full range of options. An experienced attorney can guide you through the process. At the Maryville law offices of Costner and Greene, we will answer any questions you may have and make sure you have access to the information you need to make the right decisions for your family.
Responsive · Professional · Experienced
Contact Costner & Greene Today
Thank you for contacting Costner & Greene. Your message has been sent.
Call us now
or use the form below.
Every individual has a unique set of goals and concerns when they begin the estate planning process. Providing professional and confidential legal counsel, we make home and hospital visits to clients throughout Eastern Tennessee in order to meet your needs every step along the way. Contact us today to schedule a consultation.
Whether you want a simple will or a complex estate plan, including trusts and health care directives, our lawyers will make sure you have the information you need to make a decision that works for you and your family. Contact us today to schedule a consultation and find out what estate planning options are right for you.
Estate Planning Needs of the Elderly
Elder law deals with the legal, financial, and health needs of senior citizens. The country’s average age is advancing all the time, and now even baby-boomers are dealing with health issues and legal concerns they had not anticipated. In addition to estate planning, elder law attorneys also help with preparing for long-term healthcare needs, applying for government programs, addressing financial fraud, combating physical abuse, and establishing guardianships and conservatorships. If you have elder law or estate planning-related legal questions, call Costner & Greene in Maryville, Tennessee, today to schedule a consultation with an estate planning lawyer.
Health Concerns, Medicare, Medicaid, and Nursing Homes
When nursing home care is needed, Medicare is of only marginal assistance. Medicare covers the first 20 days and a portion of the next 80 days of care in a nursing home as long as one is receiving treatment and improving. Long-term healthcare and extended time in a home is not covered by Medicare. The only government program that will pay for long-term care is Medicaid. Medicaid is designed to help low income people with medical bills. Medicaid will cover long-term care costs and some costs not covered by Medicare.
Unless an individual is impoverished or has adequately planned for his or her future healthcare needs, a nursing home stay or extended medical treatment can cause assets accumulated over a lifetime to be wiped out. To avoid this, an estate plan can redistribute an elderly person’s assets over time to reduce the assets below the amount required to qualify for Medicaid. This strategy allows an elderly person to distribute his or her assets to children or other family members so that they will not be used up to pay for healthcare expenses or nursing home costs.
Medicaid rules prevent a person from receiving benefits by transferring assets right before going into a nursing home. An estate planning attorney can work with you to plan ahead for residential care needs while minimizing the financial impact on your estate.
Conservatorships
When a person's health deteriorates to the point that he or she is unable to manage his or her own affairs, state law requires 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 himself or herself. The costs and expenses of a conservatorship, as well as any attorney’s fees, are paid by the incapacitated person’s estate.
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 good estate plan can usually prevent a court from imposing a conservatorship. A durable power of attorney allows an individual rather than the court to choose a person who he or she trusts to manage his or her financial affairs while he or she is incapacitated. 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.
Conclusion
There are many special concerns that must be addressed when drafting an estate plan. By planning early, you often have greater flexibility to draft a plan that allows you to maintain control of your estate and your destiny when you are older. If you have questions about estate planning or need to have estate planning documents drafted, contact an estate planning attorney at Costner & Greene in Maryville, Tennessee, to schedule a consultation.
Copyright ©2009 FindLaw, a Thomson Business
DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.
