Medicaid lawyers help you to be prepared in case you require costly care as you get older. If you do not work with an experienced attorney to make plans to ensure that expensive care you may require as a senior is covered, you could end up losing your wealth and missing out on a chance to leave a legacy.
Unfortunately, people of all ages could potentially be at risk of being struck with a serious illness. If you get badly injured or get very sick, you could end up derailing your chance to leave money and property to your loved ones because of the impact that your illness or impairments have on your financial situation.
There are ways to protect yourself from loss in case of a medical issues but you need to work with an experienced attorney to put the right plans in place. Contact Nirenstein, Horowitz & Associates today to find out how Medicaid lawyers at our firm can help you to ensure a serious illness does not derail your legacy.
How a Serious Illness Could Hurt Your Ability to Leave a Legacy
There are many serious illnesses that you could be stricken with that could impact your life in profound ways. In some cases, an illness could cause you to become incapacitated and unable to make decisions on your own or manage your wealth on your own. An illness could also leave you unable to live on your own any longer. If any of these things occur, your illness could cause you to face substantial financial loss.
If you become incapacitated and cannot manage your wealth on your own any longer, there could be money and property lost because there may be no one authorized to immediately take control over the management of your assets. Unless you have made an incapacity plan, your loved ones would need to go to court to have a guardian or conservator named. During the interim period until someone is given authority to manage your wealth, losses could occur.
Even after a guardian or conservator is appointed, your money and property could continue to be at risk if the guardian that the court chose to manage your wealth is not the best person to control your assets. This can be an especially big issue if you have property or investments that require careful hands-on management.
Instead of putting your assets at risk in case of incapacity, you should work with an experienced attorney to make an incapacity plan. This could include the use of a living trust or it could include using a power of attorney to name a trusted agent who will have the authority to take action and begin managing your investments as soon as you become incapacitated.
There is also a substantial risk to your wealth if you must go into a nursing home as a result of your illness. Medicare won’t cover the costs of a nursing home unless you need skilled nursing care, which most people do not. Instead, most people need custodial care, which is not covered by Medicare or by private insurers under most circumstances. If you cannot get your nursing home care paid for by insurance, you could end up having to spend your life savings to afford the cost of staying in a nursing home.
If you want to keep your wealth safe even if you need nursing home care, you should work with an experienced attorney to make a Medicaid plan. Medicaid will cover the costs of your care but only if you do not have too many financial resources since the program is means tested. If you don’t want to be forced to impoverish yourself before getting Medicaid to cover the costs of your care, you can work with an experienced attorney to make a Medicaid plan.
Getting Help from Medicaid Lawyers
Medicaid lawyers at Nirenstein, Horowitz & Associates can work closely with you to ensure that your assets are protected in case of incapacity or serious illness. We can help you to put plans in place to ensure the right person manages your wealth if you no longer can because of your medical condition. We can also assist you in taking steps to ensure you can qualify for Medicaid to pay for your nursing home care as soon as possible when the care is needed, rather than after you have impoverished yourself.
To find out more about how our firm can help you, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online to get personalized advice specific to your situation. Call now to get your plans underway.