Dennis Toman founder of The Elderlaw Firm in Greensboro, NC outlines that the wrong advice on Medicaid planning can result in people losing their assets. For more information please visit https://www.elderlawfirm.com
— Seeking Medicaid planning advice from the right professionals is crucial for meeting the needs and rights of senior citizens, Dennis Toman, founder of The Elderlaw Firm in Greensboro, NC, said this week.
For more information please visit https://www.elderlawfirm.com
His comments arose in a recent interview discussing why it is essential to seek the right advice on Medicaid planning.
Toman elaborated: "One of the biggest concerns among the aging population is the cost of care and whether they qualify for Medicaid to cover spiraling bills, such as nursing home costs.
"The wrong advice on Medicaid can result in people losing their assets, and so putting them and their loved ones in a difficult situation. Not everyone understands the ins and outs of the complex Medicaid system, including many estate planning attorneys.”
Many people equate elder law and estate planning – but they're not the same. He explained elder law attorneys protect your money and assets while you're alive. Estate planning attorneys focus on how to distribute your assets after death.
That's why it's a great idea to find an estate planning and elder law firm versed in both. Working with someone who combines the two will help you and your family create a complete "Family Protection Plan," rather than just an estate plan.
Toman added: "Estate planning lawyers might make mistakes when drawing up trust agreements to protect your family's money before applying for Medicaid. You'll need to hire someone who knows how to carefully word trust agreements so your assets will be protected."
Having incorrectly worded trusts, he stressed, could jeopardize your eligibility to qualify for Medicaid benefits. Further, elder law attorneys can use their knowledge to advise on the best way to apply for Medicaid.
Toman commented, "Many times, people are unaware that certain types of income and savings are exempt under law from being applied toward medical costs.
"Someone specialized in elder law can help prove that certain assets shouldn't be taken into consideration when applying for Medicaid. If you're wondering where to start in planning for Medicaid, consult an experienced elder law attorney," he concluded.
Release ID: 89037380