Elder Care Law

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Elder Care

 

As the populations is aging, there are a multitude of issues that families and caregivers face. Elder Law is a newer area of law that has developed to help navigate the many challenges that caregivers face.

Our firm has over forty years of experience and is familiar with the many challenges that are there. In addition to personal challenges that families face, there are financial challenges as well.

Review the assets and exemptions to determine if there are government benefits available. If the applicant’s assets and/or income is too high, then there are options on what to do to make the benefits available.

Review the Long Term Care Options

If the Applicant’s assets are low enough, the applicant may still be ineligible because their income is too high. For the year 2016, if an individual’s gross income is more than $2199.00 per month, then they will be denied benefits unless a Qualified Income Trust (QIT) is established.

This can be a confusing and frustrating concept for caregivers.

  • Homestead Real Property valued at less than $552,000.00
  • An Automobile
  • Life Insurance with face value less than $2500.00
  • Up to $2,500.00 in funds designated for Burial Expenses
  • An IRA paying the Required Minimum Distribution (RMD)
  • Income Producing Real Estate
  • For Single Person – Assets worth less than $2,000.00
  • For Married Couple – Assets worth less than $119,200.00 and Income less than $2,199.00 per month

Review this document for a more detailed explanation of a QIT. ASSETS and EXEMPTIONS to Determine Long Term Care Eligibility for 2016 Exempt Assets

If your assets exceed these amounts, then you need to consult with a professional to determine what your options are for long term care coverage.

Contact McLane Law for more info

Frequently Experienced Scenarios

  • Jane had been taking care of her husband, John Doe at home. It has become too much for Jane to do any longer. Jane and John own their home and have savings of approximately $180,000.00. If Jane has to place John in a facility, does she have to spend all of her savings to pay for John’s care?
  • Jane Doe was being care for by her husband John. Jane dies unexpectedly, John is not capable of living by himself. What options does John or his family have in making provisions for John long term?
  • Jane had not done any planning prior to her death. When she died, John became the sole owner of all of their assets, how does that affect John’s eligibility for benefits?
  • What things could Jane or John have done before they died to plan for the care of the surviving spouse?