Danbury, Connecticut Elder Law Attorneys
Medicare covers most short-term medical needs, but does not provide the long-term care many elderly Americans require. Medicaid, on the other hand, provides this long-term medical coverage, but also imposes strict income and asset requirements that determine whether or not a person is eligible to receive these benefits. As a result, many elderly people will imprudently spend down their assets in order to qualify for Medicaid coverage.
At Collins, Hannafin, Garamella, Jaber & Tuozzolo, we advise our clients regarding all aspects of elder law. From how to make the most of spending assets as part of a Medicaid application to advising clients of patient's rights, our lawyers are dedicated to helping clients with their financial and healthcare needs. If you or your elderly parent needs assistance with the activities of daily living or healthcare, including at-home care, we can advise you of the local resources that are available to you. To schedule an appointment and discuss your case, contact elder law attorneys at Collins, Hannafin today.
Planning for the Future - Asset Reallocation and Trusts
Our attorneys carefully evaluate our client's situation and long-term goals in order to identify the ways in which assets can be transferred, healthcare provided and certain kinds of taxes avoided. We assist clients with the following elder law issues:
- Special needs trusts
- Testamentary trusts
- Revocable / irrevocable trusts
- Medicaid eligibility planning/Medicaid applications
- Income distribution pools
- Guardianship / conservatorship
Avoiding Medicaid Penalties
Currently, Medicaid has a 5 year look back period when determining eligibility for benefits. First, the average monthly cost for institutional care in the state of Connecticut is determined. Next, Medicaid will evaluate whether or not an applicant transferred any assets within the last 5 years. Taking the average monthly cost of institutional care in Connecticut as a baseline, Medicaid will dock an applicant one month of eligibility for every asset transfer that equals or exceeds the average monthly cost of nursing home care in Connecticut.
For example, suppose the average monthly cost of institutional care is $10,000. Suppose Mrs. Smith transferred $60,000 in assets to her son last year. Mrs. Smith would not be eligible to receive Medicaid benefits for 6 months. If contacted early enough, our elder law attorneys can provide the guidance needed to avoid the unintended consequences of certain transfers.
Questions about Medicaid, Guardianships or Health Insurance Issues?
There are a number of financial and legal issues that must be taken into account when creating an elder law plan. We have the experience and knowledge needed to help you find the care you need and protect your assets. To schedule an appointment and discuss your case, contact elder law attorneys at Collins, Hannafin, Garamella, Jaber & Tuozzolo, P.C. today.