LONG-TERM CARE PLANNING
What is Long-term Care Planning? Sometimes also referred to as “Medicaid” planning, a Long-term Care Estate plan describes an estate plan that plans to protect and preserve assets in the event either spouse should require Long-term Care in a Nursing home. Even several months privately paying in a Nursing Home in Massachusetts can devastate a family financially and potentially impoverish the well spouse. In Massachusetts there are many specific rules regarding what is allowable under the Long-term Care Medicaid program, and it is essential that you and your family receive advice from an attorney who practices Elder law in Massachusetts, to ensure that your Estate plan meets the current rules and regulations. An example of Long-term care planning is creating estate documents such as Medicaid Trusts, or one that provides for any transfer of assets to occur outside of the current five year look-back period.
LIFE ESTATE DEEDS AND MEDICAID PLANNING
A Life Estate Deed is legal document that can be used to convey real property to your intended beneficiaries after your death. A properly drafted Life Estate Deed that is done in a timely manner at least five years before any need for Nursing Home care can potentially preserve your residence from any future liens that may arise after using Medicaid to pay for Nursing Home care in Massachusetts. Patricia Mello & Associates uses the Life Estate Deed technique for many clients, and includes the Power of Appointment which works within the Life Estate Deed to protect the clients and their beneficiaries from any unexpected crises that may arise after the Life Estate Deed is executed, such as bankruptcy, divorce, or even mental health issues in the beneficiaries. It is essential that you speak with an Attorney at Patricia Mello & Associates to understand what the Life Estate Deed with Power of Appointment is and how it works in an Estate plan.