Slutsky Elder Law

You may qualify for long term care through Medicaid based on income and assets. Qualification will depend on your personal situation, need for care, the amount and type of assets you own and your marital status. Also, if you have young or disabled children that could affect your eligibility.

Many attorneys/financial advisors would recommend starting an Estate Plan the moment you become a legal adult, and updating it every three to five years after that. While the planning will change as you age, marry, have children and accumulate assets, the need to have a plan in place does not.

The basic difference is Elder Law planning focuses on ensuring the most productive use of your assets for your care while you are alive. Elder law is about ensuring you receive the best care possible while alive and making sure you receive everything you are entitled to so your family is protected from long term care costs devastating your assets. Estate planning is primarily concerned with implementing your wishes and distributing your assets after you pass on, in the most efficient and tax advantaged way.

An elder law attorney can assist you in planning for long term care needs, work through a crisis situation with an older or disabled adult and help you maximize your financial resources so you and your loved ones are not bankrupted by long term care costs. In addition, an elder law attorney can help you plan for the care of your disabled loved one.

If you die without a will assets in your name alone will pass to your legal heirs in accordance with the intestacy law in your state. In essence the state makes a will for you, including the choice of who will carry out the distribution of your assets. Failure to execute a will leaves the important decision of who will receive your property and who will ensure it gets there up to state law. For most people it is in your best interest to have a properly drafted will.

If you are an older adult and need assistance planning for your future, are in a care crisis or have a disabled loved one you want to plan for, you should seek out an experienced elder law attorney.

An elder law attorney is an estate planning attorney with additional skills and knowledge. While estate planning attorneys will often prepare wills, trusts and powers of attorneys and discuss taxation (income and inheritance taxation), an elder law attorney discusses those in a larger context. An elder law attorney helps families prepare for the need for long term care, what possible options the family will have, where the care will be provided and how to pay for the care. An elder law attorney uses not only basic estate planning skills but coordinates those important considerations with asset protection, use of Medicaid funds to pay for care and the need to ensure the safe management of a cognitively impaired person (Dementia or Alzheimer's). In addition most elder law attorneys help families plan for the needs of Special Needs children by assisting the family in obtaining Medicaid benefits and ensuring funds left to a disabled child is managed responsibly for the child’s benefit.