You might be reading this and wondering when would be the right time to speak with an elder law attorney, or perhaps if you even need to speak with someone to begin with. The truth is that if you are put in a position to be in charge of a loved one’s property or other things, it may be a good idea to consider speaking with an elder law attorney before either you, your spouse, or parents make any large transfers of property. Some times that you might consider getting advice from an elder law professional include:
- Before giving away a house, a part interest in a house, or a remainder interest in a house.
- Before selling a home, regardless of if you intend to take cash, sell on contract, or buy another home.
- Before giving away any significant gifts like stock or money to a child, relative, or charity, or
- Before purchasing an annuity.
You’ll also want to seek counsel before either you, your spouse, or parents need any time of long-term care. A good time to do this would be:
- When you start to feel that either you, your spouse, or parents might require long-term care in the foreseeable future.
- Prior to you, your spouse, or parents getting too overwhelmed by all of the responsibilities and work that home care requires.
- When you begin to notice that you, your spouse, or parents might be becoming unable to properly manage business or any other financial issues, in order to begin the process of establishing powers of attorney and other documents so that others can take care of the business later (and also make transfers in order to help someone qualify for Medicaid while also saving money for the home spouse).
Another good time to look into elder law advice would be if someone tells you that you, your spouse, or parents should try something new. Use caution when someone tells you:
- That you, your spouse, or parents should really do something to better prepare for Medicaid.
- That you, your spouse, or parents should so something that will preserve assets from Medicaid spend down.
- That you, your spouse, or parents need to do or should do something in order that your assets can be passed to your spouse or children, instead of being used for things like paying bills or other such necessities.
If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.