PROTECTING YOUR ASSETS FROM THE COST OF NURSING HOME CARE

Cohen & Oalican LLP present Part 1 The Asset Rules

PROTECTING YOUR ASSETS FROM THE COST OF NURSING HOME CARE

Nobody wants to think of the possibility of entering a nursing home. But the truth is, if you ignore this issue you are putting your spouse’s financial security, your life savings, your home and your children’s inheritance at risk. Nursing homes in Massachusetts cost approximately $10,000 a month. Most people don’t realize that traditional health insurance policies and Medicare provide little or no long term care coverage, but Medicaid coverage is very different. With proper planning and the right legal guidance, most married middle-class seniors,
who have accumulated savings and a house, could be eligible for Medicaid to help pay some or all of their long term care costs. Unfortunately many seniors, who pay privately for nursing home care, spend their life savings until they have nothing left – and only then do they believe they are eligible for Medicaid (the program is called MassHealth in Massachusetts).

The Medicaid rules are complicated and include many traps for the unwary. An experienced elder law attorney can help you navigate through the Medicaid maze protecting your family’s savings and home.

The Asset Rules

The first basic rule of nursing home Medicaid eligibility is that an applicant, whether single or married, may have no more than $2,000 in "countable" assets in his or her name. "Countable" assets generally include everything you own, except for the applicant's home (if it is located in Massachusetts and it has equity less than $750,000). Everything else,(second homes, retirement savings, life insurance) is counted and may have to be spent down before you can obtain eligibility.

In Part 2 Cohen & Oalican will discuss The Home

Cohen & Oalican provide a full spectrum of services for the elderly, for disabled adults, and for the families.

Cohen & Oalican, LLP specializing in elder law, guardianship and conservatorship present the final article of the series:

"Do I need to become a guardian for my parent?"

Even if your parent has already been diagnosed as suffering from Alzheimer’s or has dementia that does not automatically mean you need to be come their guardian. The first question to look at is whether your parent has enough understanding to sign a durable power of attorney or healthcare proxy. Our goal is to help families in the simplest, most cost effective way possible. Using advanced directives instead of guardianship is one way to do so.

Cohen & Oalican provide a full spectrum of services for the elderly, for disabled adults, and for the families.

"Do I need to become guardian for my parent?

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Part 3 "Do I need to become a guardian for my parent" Cohen & Oalican,LLP offices in Boston, Andover Raynham

Cohen & Oalican, LLP specializing in elder law, guardianship and conservatorship present Part 3 of the series:

Do I need to become guardian for my parent?

The second way to get decision making authority is by having your parent directly give it to you with a durable power of attorney or health care proxy. A power of attorney is a document that allows a client to appoint an individual to act as the client's agent ("attorney-in-fact") on financial matters should the client ever become incapacitated. A health care proxy gives another person(the agent) the authority to make health care decisions should the principal become incapacitated.These documents are also called “advanced directives”. They are great way to make sure that you have the legal authority to make decisions for your family in the event they become incapacitated.

This series brought to you by Boston Attorneys Cohen & Oalican, LLP, specializing in Guardianship and Conservatorship.

Cohen & Oalican provide a full spectrum of services for the elderly, for disabled adults, and for the families.

Part 2 "Do I need to become a guardian for my parent" Cohen & Oalican,LLP offices in Boston, Andover Raynham

Cohen & Oalican, LLP specializing in elder law, guardianship and conservatorship present Part 2 of the series:

Do I need to become guardian for my parent?

Clients often ask us do I need to become guardian for my mother? Hopefully the answer is no.You can have legal authority to make decisions for another person in one of two ways. First is by having the Probate Court appoint you as guardian. Guardianship and conservatorship are legal relationships where the Probate Court gives one person (the guardian or conservator) the power to make decisions for another. Whenever possible we try to keep our clients out of court and that includes guardianship cases. We try to avoid guardianship for several reasons. First you are bringing your family’s private affairs into the public realm. Second the courts move slowly. Finally, the legal fees can be quite high, especially if there is any disagreement regarding who should serve as guardian. These problems have only gotten worse with the recent changes in the Massachusetts guardianship laws in July, 2009.

This series brought to you by Boston Attorneys ,Cohen & Oalican LLP, specializing in Guardianship and Conservatorship.

Cohen & Oalican provide a full spectrum of services for the elderly, for disabled adults, and for the families.

Cohen & Oalican, LLP "Do I need to become a guardian for my parent?

Cohen & Oalican, LLP specializing in elder law, guardianship and conservatorship present Part 1 of the series:

Do I need to become guardian for my parent?

This scenario may be all too familiar: your mother has dementia and is living alone at home. She’s always been a fiercely independent person. However, she’s beginning to “lose it”. Bills are not getting paid. Last week she left the stove on after making breakfast. You and your siblings just got together for the holidays and it seems clear you need to do something. Everyone has ideas but no one has a clear plan. It can be a difficult transition when a parent is no longer able to care for themselves. It may be unclear when its appropriate to take control of financial matters or health care decisions. Growing up as children we are used to our parents telling us what to do and looking out for our well-being. What happens when the children have to parent their parents? When a family member has cognitive impairments they may not be able to make decisions for themselves or their ability to participate in complicated decisions may be limited. Our clients want to respect their parent’s wishes and independence but they also want to make sure their parents are safe.

This series, brought to you by Boston Attorneys Cohen & Oalican, LLP, specializing in Guardianship and Conservatorship.

Cohen & Oalican provides a full spectrum of services for the elderly, for disabled adults, and for families.