Legacy = “What we leave behind when we are gone”. It is a powerful word. It is even almost poetic. It says this is what I am passing on to my family, or the community when I pass on. No, it isn’t just your money, your house, your cars. Sure, it is all of those things but it is also your work ethic, your love of family, or community, or country. It is what is passed on to succeeding generations to make their lives, their future better than yours. You’ve worked hard to build this legacy and it shouldn’t be taken from you just because you require additional healthcare when you age. The cold hard truth is that what you have planned to pass on to your family is at risk. Yes, your legacy could diminish before you have even passed.
With rising healthcare costs and unaffordable insurance, the cost of being in a long-term care facility or retirement facility could consume all of your assets. There could be nothing left to pass on to your heirs. This is not fair. You have worked all your life, you have saved, paid your taxes, served your country, etc. You shouldn’t be in this position and you don’t have to be. You can take action.
Here in Toms River, NJ and in Lady Lake, FL or The Villages, FL we have experienced Elder Law Attorneys. These are attorneys that specialize in services for protecting our elderly. Among those services is Medicaid Planning. They have established a practice designed to help you prepare for retirement and Medicaid Planning is one piece of it. It also involves Estate Planning, Wills, etc. Don’t go it alone. This is too complicated a process to do on your own. If you, or anyone care for, are approaching retirement you should be working with an attorney that focuses in “Elder Law”. Many of these attorneys will help with estate and trusts, preparing your will, and Medicaid planning.
In the event that you or your loved one have to draw on Medicaid to pay for certain services, they have the right to attach your assets when you die to ensure as much of a reimbursement as possible (known as estate recovery). This could include the money in your bank account, your house, etc. They can also look back 5-years, so transferring cash the week before you or a loved one goes into assisted living or a nursing home will not work. It is precisely for this reason that Medicaid Planning has evolved as a niche with elder law attorneys. You must have a plan in place.
So whether you are in Toms River, Lady Lake, The Villages or some other community, do not make the mistake of thinking Medicaid Planning is something you can do with some internet attorney service. You need someone who will guide you through the steps and the Medicaid system. It is a sincere advice to hire the services of a reputed medicaid planning attorney Toms River.
This article is penned by Lora Davis for Mills Elder Law who are the leading elder law attorney Toms River and specialize in special needs planning Toms River.