The goal of Elder Law is to prepare the elderly person for financial freedom and autonomy through proactive legal and financial planning. It also has the goal of being proactive in preparing for a long-term care event as opposed to being reactive when that likely event occurs. It is an area of law which provides helpful tools that people of all ages can use to protect themselves and their families. Preparing to obtain Medicaid is one of the services elder law attorneys provide, but there is so much more that elder law attorneys do. If you want to proactively maintain or achieve financial security, protect your assets, control your medical autonomy, and protect your loved ones, you need to talk with an elder law attorney.
Charles B. Pyke, Jr., the founder of Pyke & Associates, P.C. is one of nine Certified Elder Law (CELA) Attorneys in the entire state of Georgia. Be wary of those attorneys who claim to be “elder law attorneys” but are not CELAs. Our attorneys provide comprehensive elder law services and Medicaid services. When you contact us, a member of our experienced legal team can offer you guidance and advice that is designed with your specific needs in mind. Our Atlanta elder law attorneys can also provide answers to some of the general questions you may have including:
- Who needs an elder law attorney?
- What is Medicaid planning and why do I need a Medicaid plan?
- How can an Atlanta elder law attorney help you achieve your long-term case goals?
Who Needs An Elder Law Attorney?
Anyone who wants to prevent their estate from being cannibalized by long term care or nursing home costs needs an Elder Law Attorney. Senior citizens, of course, are the ones primarily seeking elder law help because this field of law is designed to help people address issues that arise due to aging. Elder law also provides the legal tools needed to deal with end-of-life issues. For example, one of our seniors’ greatest financial fears is running out of money. Addressing concerns about making their retirement nest egg last, what rules apply for taking money out of retirement plans and about what will happen to their assets after their death are all issues many Elder Law Attorneys address. Many seniors obviously are concerned with how they will pay for a nursing home if they need care, and about what will happen if they suffer an illness or injury and need emergency medical services.
Seniors can get the help they need within the field of elder law. Elder Law Attorneys use various types of powers of attorney to name agents to make financial and health care decisions in case of incapacity; wills and various types of trusts for estate planning; and irrevocable trusts for asset protection.
All of us need to address incapacity, estate planning, and asset protection issues. Anyone, young or old, could find themselves facing an incapacity, terminal illness or a medical emergency. Without an incapacity plan, a family could be forced to pull the plug or could be left fighting over medical decisions. Even getting control of assets to manage money and property in case of incapacity could be a major challenge.
Be proactive when it comes to elder law and estate planning. Life is uncertain and you never know when something will happen to you. Talking with an elder law attorney as soon as possible is a wise choice for anyone without an estate plan, incapacity plan, and asset protection plan. Pyke & Associates, P.C. can help you to protect yourself and your loved ones in case the worst happens – but we can also help you to set and achieve retirement saving goals and to plan for a positive future.
What is Medicaid Planning and Why Do I Need a Medicaid Plan?
Medicaid planning is proactively planning to obtain eligibility for government benefits should the need arise. It does not mean you have to go on Medicaid. It means you have preserved that option should it be best for you, your loved one or family. Medicaid is, for most people, the only source of payment for a nursing home. Medicare and private insurance pays for a nursing home only if you need to get care for a limited period due to a need arising from skilled medical services, like rehabilitation after surgery. For normal daily care, you won’t have coverage from Medicare or any other health insurance.
Since Medicaid is the only source of payment for nursing home care, you’ll either need to qualify for Medicaid, pay out of pocket, or buy long term care insurance. If you have any significant assets, unfortunately you cannot qualify for Medicaid. This is because Medicaid is means-tested and limited to people with few resources.
Medicaid planning allows you to structure asset ownership so the property or money that you own is not counted for Medicaid eligibility purposes. You can protect your wealth by transferring assets into an irrevocable Medicaid trust. If this is done properly before nursing home care is needed, you could qualify for Medicaid nursing home coverage right away. Medicaid services can protect all you have worked for over your lifetime.
How can an Atlanta Elder Law Attorney Help You?
Pyke & Associates, P.C. provides invaluable assistance with elder law matters to clients in Atlanta, Peachtree City, Stockbridge, and surrounding locales throughout Georgia. Whether you are young or old, you can benefit by reaching out to our Atlanta elder law attorneys for assistance. Give us a call today at 770-507-2500 or contact us online to find out more about the ways in which our legal team can help you.