About The Firm

The Law Offices of Jeffrey A. Asher, PLLC, is a full service law firm, handling Estate Planning, Elder Law, Probate, Estate and Trust Administration, Estate and Trust Litigation, Special Needs Planning, Long-term Care Planning, and Medicaid Planning. We provide comprehensive legal services, tailored to meet your specific needs.

It is our philosophy that you are best served by thorough and detailed legal advice, focused on giving you the Protection, Security, and Peace of Mind you are looking for in the most practical, efficient, and cost-effective manner possible.

Call today at (877) 207-6803. The consultation is FREE. The peace of mind you’ll enjoy knowing your future is secure and your family and assets are protected is priceless.

WHETHER YOU’RE FACING A CURRENT CHALLENGE, OR WOULD JUST LIKE TO LEARN HOW TO PROTECT WHAT’S YOURS, GIVE US A CALL AT (877) 207-6803.

TAKE CONTROL OF YOUR AND YOUR FAMILY’S FUTURE TODAY!

 

Disclaimer

This blog does not contain any legal advice upon which you should rely or act. If you need advice on a particular issue or problem, please contact an attorney. Use of this Web site does not create an attorney-client relationship between you and the Law Offices of Jeffrey A. Asher, PLLC.

Monthly Archives: December 2011

Question: My parent was just diagnosed with a progressive disease. How do I help protect my parent’s assets?

Answer: Learning that your parent was just diagnosed with a progressive disease, whether it be Alzheimer’s disease, Parkinson’s disease, cancer, stroke, for example, is a devastating and life-changing event. Beside the unknown of what is going to happen, it means understanding levels of care that you never thought your parent would need. It may also mean adjusting your own life to provide that care to your parent. Whatever the diagnosis means to you and your family, getting the legal and financial answers you need – such as in answer to the question you asked – will be the role of the qualified Elder Law attorney. The first step in protecting your parent’s assets is to understand from what are you trying to protect your parent’s assets. Estate planning is the ability to pass your parent’s assets to whomever your parent wishes while minimizing, as much as possible, expenses and estate taxes. Medicaid planning is the ability to exclude your parent’s assets, as much as possible, from being included as available resources for Medicaid purposes when seeking Medicaid paid-for home care services or nursing home care. Assuming you mean protecting your parent’s assets for Medicaid purposes, the second step in protecting your parent’s assets is to know where those assets are, how much the assets are valued at, and whose name the assets are in. Under the right circumstances, some assets are exempt for Medicaid purposes, such as retirement assets (i.e., IRA, 401(k), pension), certain business assets, and your parent’s home. So, knowing what your parent owns, and how, will tell us the extent to which we need to protect your parent’s assets. But, once we understand what your parent owns, and how, the third step in protecting your parent’s assets is to determine what type of help he or she needs. Is it help around the house? Or, does your parent need complete care in a nursing home? There are two different types of Medicaid applications (i.e., home care or nursing home care), and processes for becoming eligible for both types of Medicaid. Working with the doctors we will determine the proper level of care your parent needs and how best to provide that care to him or her. These are, generally, the first three steps in the process to getting your parent’s assets protected and getting your parent qualified for benefits to help take care of him or her.There are many steps in the whole process, but a qualified Elder Law attorney will help navigate these steps with you. Protecting your parent’s assets is not something that can be done with a quick fix, or with a phone call and a change of address form at the bank. And, there are severe ramifications if not done properly. Be sure to fully understand those first three steps discussed above and discuss these steps with your Elder Law attorney to make sure the whole process is done correctly.

Print This Page Print This Page

Go to eCareDiary.com

Originally Posted at eCareDiary.com
Click to Go to eCareDiary.com


FREE Consultation

Enter your information below to contact us for your FREE consultation.

 

About This Blog

The Law Offices of Jeffrey A. Asher, PLLC produces this blog to provide general news and information about Estate Planning, Trusts & Estates, and Elder Law.