As part of the Will preparation or Estate Planning process we review Elder Law issues. Given the financial burdens that arise due to catastrophic illness – planning for these burdens is an important part of the process at every level.
Our role in Elder Law is to help our clients plan for their comfort and security, while protecting their assets. Here we touch on planning to:
- Use long term care insurance – and minimizing its costs
- Qualify for Medicaid benefits
- Protect the rights of the Medicaid recipient’s spouse
- Assist caregiver children
- Protect assets from claims
- Resolve guardianship issues
Asset protection takes many forms. While the rules apply to all, each family has its own financial makeup, family structure, and goals. So, like all our planning, Elder Law planning is highly individualized.
Structuring asset ownership and transfers to protect the assets and the family, evaluating the tax impact, using the structure and transfers to reduce taxes and preserve life quality are all part of the process.
As part of the process Visci & Associates educates and assists our clients in the use of Health Care Directives, Medical Proxies, Powers of Attorney, prepaid burial funds, the timing of asset spend downs, and other special needs.