Elder Law & Medicaid Services
At Wolcott Rivers Gates, we can help you and your loved ones navigate the complexities of planning for long-term care. This planning is best done proactively but too often driven by a medical event that creates a need for in-home, assisted living or nursing home care.
The costs of long-term care can be prohibitive, and many seniors cannot afford them. As a result, our clients’ concerns often focus on budgeting and paying for long-term care expenses.
Our clients often ask:
Should I sell my house or gift it to my child?
Do I really need to be broke to apply for Medicaid?
What is a life estate, and is it appropriate for me?
What is the difference between veterans benefits (VA benefits) and Medicaid?
How can I tell if I am eligible for veterans benefits?
My mom’s main asset is an IRA. Should she liquidate it?
Are assisted living facility expenses tax deductible?
How do I know my children will help me if I make a gift to them?
What is the Medicaid lookback period?
My spouse is ill. Should he modify his estate plan to leave assets to me in trust?
I want the best care possible. How would Medicaid impact my quality of care?
How can I convince my parents they need help in caring for themselves?
We advise on all aspects of long-term care, including planning for eligibility for government benefits (ex: veteran’s benefits and Medicaid). We can employ a variety of “spenddown” and asset preservation techniques such as transfers to trusts, purchase of exempt assets, Medicaid annuities, special needs trusts, etc.
However, these programs and strategies are not a good fit for every client; our objective is to create a plan tailored to you. Long-term care planning is intensely personal, and seniors are often private about their financial affairs. We are committed to maintaining the dignity and privacy of our clients.
Let us help you develop a solution to your long-term care needs.
Creating Order Out of Chaos
Appointing a power of attorney and a medical power of attorney (called an advance medical directive) is an essential first step to managing your affairs. At Wolcott Rivers Gates, we can answer your questions and implement a comprehensive long-term care plan, which may include analysis of and recommendations regarding:
Income/expenses and “burn rate” on assets
Tax issues relating to potential sale, transfer or liquidation of assets
Veterans benefits eligibility
Spenddown strategies; review asset protection via trust planning
Powers of attorney
Advance medical directives
Updated estate planning
Special needs trusts
Moving into a nursing home
We are well-versed on a variety of legal solutions that can save you time, stress and money in the event that your loved ones can no longer care for themselves.