Why is Professional Guidance so important?
Senior citizens or family members faced with a medical or other crisis may need more than powers-of-attorney. If you want to provide for the support of a disabled child, an aging parent or other loved one, consider a trust. Don’t simply leave this responsibility to someone else informally. Moreover, powers-of-attorney terminate automatically upon the death of the grantor.
Trusts are an highly effective vehicle for disability planning, and there several different types, depending on what you need to accomplish. Popular trusts include revocable living trusts, family trusts, credit-shelter trusts, spendthrift trusts, irrevocable life-insurance,supplemental needs and other irrevocable trusts.
Frequently, a key concern to the family is how to pay the high cost of nursing home care yet preserve assets and income to avoid impoverishment. Consultation with an attorney experienced in elder law matters can be most helpful to enable the older person and the family to recognize and understand these important issues, engage in asset protection planning and to take advantage of the benefits available under the Medicaid regulations.
Contact us now to inquire about our elder law services.