The Best Money I Ever Spent!

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The Best Money I Ever Spent!

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money-619019_640We went to an Elder Law attorney last night. It was the best money I ever spent! She was SO competent and explained all options clearly. We have a modest 401k portfolio that I was concerned about having to spend all of it before Rod would qualify for Medicaid if he needed nursing home care in the future.

Every state has different Medicaid "rules", but she told us things that I was not aware of, like the 401k's are only considered income when you use them and there are many ways to protect that income from being considered for Medicaid. I knew our house was exempted and one car. What I did not know was what was considered assets and that you are allowed to keep  $10,000 each for burial, even if you have prepaid for funeral expenses. Those little things made me feel much better about not being left destitute if Rod needs care we can't afford and needs Medicaid.

I STRONGLY suggest anyone who feels they may need expensive care in the future, to seek Elder Law advice. Go right to National Academy of Elder Law Attorneys to find an elder law attorney in your area. It will be the best money you ever spent for peace of mind. I went in thinking we might need to divorce on paper and left feeling so much better that we would not need that option.

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Thedogmama

Sharon, I cannot agree more and strongly suggest anyone (not just those in a caregiving situation) to contact a good Elder Law Attorney in your state. My mother and father had done nothing other than write wills. (A good start.) We encouraged them to do some more creative planning and the only thing their attorney did was to make sure I had power of attorney, no financial/medicaid planning whatsoever. After dad's dementia progressed I was able to help mom find a wonderful elder law attorney and we were able to move the house out of dad's name and when he finally needed to be put into long term care we chose to move him to a nursing home near me where the state lets the spouse keep a greater proportion of the finances. When mom moved to our area, we found a new elder attorney here and mom, hubby and I created a plan to save as much of our assets as possible in case of the need for state aid. Yes, it will be an expense, but it is money well spent to get as much help as possible to walk through the minefield of the Medicaid \"rules\" for your state. I urge you to do it now. Consider it a Christmas present to yourself and your loved ones.

jan

So glad you were able to get good advice, Sharon. Knowledge is POWER, Man. So glad you pursued this option and now can move forward and make plans based on it. Thank you, also, for sharing this information here with others who really need it.,