Willie Elder Law in Austin concentrating in Estate Planning, Medicaid, Medicare, and Veteran’s Assistance. Email bwillie@WillieElderLaw.com or call (512) 478-0834.
WHAT OTHER ESTATE PLANNING DOCUMENTS SHOULD I HAVE? Continuing our blog from September 3..
Without going into too much detail here, in order to qualify for Medicaid to pay for the cost of a nursing home, a person must have under a certain amount of assets and income at the time the person applies for Medicaid assistance.
Because the state can look back 5 years from the date the person applies for Medicaid at all transfers of assets that took place, proper planning well in advance of needing nursing home care can really maximize a person’s ability to qualify for Medicaid and still protect their assets.
HOW MUCH DO A LIVING TRUST AND OTHER ESTATE PLANNING DOCUMENTS COST?
Be very wary of claims for services providing very low cost living trusts or on-line, do-it-yourself services. Putting together a proper estate plan requires a lot of time, and careful attention to detail by your lawyer.
This includes the lawyer’s time for meeting with you to determine your goals, reviewing all of your current assets, carefully preparing each estate planning document according to your exact wishes, and helping you ensure that your trust has been funded properly.
