Milburn New Jersey Elder Law Attorneys
Planning for the healthcare and financial needs of an elderly parent or loved one requires an understanding of Medicare, Medicaid, the tax code, and estate planning. At the law office of Posner & Kramer, our elder law attorneys explain how assets can be protected or reallocated in order to qualify an elderly parent for Medicaid while avoiding impoverishment. Since Medicare typically covers short-term medical needs, aging parents or spouses who cannot afford expensive private health insurance must rely on Medicaid for long-term and institutional care needs. However, in order to receive Medicaid, a person must first meet certain income requirements that usually lead to a spending down of assets before benefits kick in. Our lawyers explore different financial and estate planning options that allow an elderly person to qualify for Medicaid without necessarily losing their home or spending down their assets.
If you fail to transfer assets five years prior to applying for Medicaid, you could incur substantial penalties. To learn more about how to protect your assets and qualify for health care benefits, contact elder law attorneys at Posner & Kramer today.
Elder Law, Healthcare, Financial Planning
The law office of Posner & Kramer advises and represents clients in regard to the following elder law issues:
- Medicaid eligibility
- Planning for nursing home care
- Testamentary trusts
- Transferring a home title
- Creating a healthcare directive
- Creating a simple will
- Charitable remainders
- Patient consents
- Treatment issues
Protecting an Elderly Parent or Loved One
Elderly people are vulnerable to scams, unscrupulous nurses, neighbors, and dishonest relatives. In order to help our clients protect the financial interests of an elderly parent or relative, our lawyers investigate cases involving undue influence. If recent changes to a will, suspicious financial activity, or unexplained large purchases suggest your parent may have been the victim of undue influence, we're prepared to work with investigators and forensic accountants in order to expose fraud and malfeasance on the part of others. If needed, we can also help you establish a guardianship and establish power of attorney over your parent's financial matters.
Need Information and where to Start? Contact Posner & Kramer
Planning for the healthcare needs of an aging parent or spouse is essential if you want to avoid certain kinds of tax liability and Medicaid penalties. To learn more about the options available to you, contact elder law attorneys at the law office of Posner & Kramer today.