Elder law

Milwaukee Wisconsin Estate Planning Lawyers

While Medicare provides short-term medical coverage, it does not provide long-term benefits most older Americans need. As a result, seniors and adult children of elderly parents are faced with the prospect of spending down available assets in order to qualify for Medicaid or spending a small fortune for expensive medical insurance. At the law office of Miller, McGinn & Clark, we work closely with elderly clients and their adult children in establishing trusts, annuities, and other financial tools instrumental in qualifying for Medicaid and health coverage benefits. Since there are always tax issues that must be taken into consideration, as well as changes in the law, our elder law attorneys consult tax experts, financial planners, and accountants when creating a trusteeship, reallocation of assets, or annuity for our clients.

To discuss asset planning and how we can help the elderly qualify for healthcare benefits, contact the law office of Miller, McGinn & Clark today.

Elder Law -- Asset Planning, Medicaid Eligibility

Many people do not realize that the law lets them arrange their finances so that they don't have to spend all of their money on long term health care. We provide sound planning advice in a variety of areas affecting the elderly including:

• Asset protection planning and disability protection
• Long term care planning
• Testamentary trusts
• Immediate annuity
• Living wills and advanced health care directives
• Medicaid and Medicare planning and eligibility
• Family limited partnerships
• Business succession planning
• Durable power of attorney
• Medical power of attorney
• Probate and trust administration and litigation
• Contested will and trust proceedings

Avoiding Penalties -- Understanding how to Structure your Plan

Certain penalties regarding Medicaid eligibility attach to when and how assets are transferred or reallocated. Since Congress doesn't want people transferring their savings to children or relatives at the last minute in order to qualify for Medicaid, the Deficit Reduction Act (DRA) was passed in 2005. Under the DRA, the look back period was extended and other changes were introduced as well in order to penalize people trying to qualify for Medicaid through a transfer of assets. Essentially, under the terms of the DRA, every transfer of what is considered to be the average monthly cost of nursing home care in a person's state results in a month's worth of Medicaid ineligibility.

For example, assume the average monthly cost of nursing home care in Mrs. Smith's state is $3,000. Assume further that Mrs. Smith transfers $21,000 to her daughter. Since under the terms of the DRA, asset transfers must be made 3 years prior to applying for Medicaid, unless Mrs. Smith transferred her $21,000 3 years earlier, she will have to wait 7 months before she is eligible to receive Medicaid. At Miller, McGinn & Clark, our elder law attorneys discuss how you can avoid these kinds of penalties and the estate planning tools available for getting the most out of your assets.

Innovative, Consultative Solutions

Every person's situation is different. That's why our asset and long term planning lawyers carefully evaluate the financial situation of our clients. If asset transfers are not possible without incurring a penalty, it may be necessary to establish a trust or immediate annuity. We'll evaluate the options available to you in order to determine how you can avoid certain financial and legal penalties while taking care of your or an elderly parent's healthcare needs.

To schedule an appointment to discuss elder law planning options, contact asset planning attorneys at the law office of Miller, McGinn & Clark today.