Chesapeake Elder Law/Medicaid Planning Lawyer
Elder law is a legal area that specializes on issues that affect the senior population. However, this does not mean that you do not need elder law services while you are young. There are many myths and misconceptions about elder law in Virginia, and this has led to a great deal of confusion. For example, many people think that Medicaid planning is irrelevant to them because the program is only available to people with low incomes. This is untrue. Our Chesapeake elder law/Medicaid planning lawyer provides the legal information you need to know.
The Benefits of Elder Law Services
Truthfully, almost everyone needs elder law services. If you have a spouse, young children, elderly parents, or even a pet, it is important to have a plan that makes sure they are protected in case something ever happens to you. Our elder law attorney can help you develop that plan utilizing tools such as trusts, guardianship, a will, and life insurance.
Elder law services do not just ensure that your family is cared for if you pass away. They also address end-of-life decisions, as well as what will happen if you suddenly become seriously ill or injured. We can help you use tools such as a power of attorney and advance directive to make sure your wishes are known and that someone will carry out your instructions if ever necessary. Creating a plan for incapacity eases the burden on your family, as they will not have to make those difficult decisions.
Elder law services also make sure that you achieve financial security and protect the assets, property, and resources you have worked so hard to build. We can help you develop a financial plan that includes a plan for retirement and accounts with tax advantages, such as IRAs, to maximize your retirement investments. We can also implement a plan to protect your assets so they are not subject to things such as estate tax or creditor claims.
Medicaid Planning
Ideally, people create a Medicaid plan years before they ever need it. A Medicaid plan can protect your assets from being used to pay for long-term care, which is approximately $100,000 a year in Virginia. Advanced Medicaid planning can also give you the confidence that your financial and personal affairs are easily handled in the event that you become incapacitated in the future. Medicaid has a five-year lookback period on income, assets, and resources. There are strategies that can protect assets from being considered during this time and the earlier you employ them, the easier it will be in the future.
Many people delay Medicaid planning until it is too late and they need immediate care. This is a crisis, but the situation is not hopeless. There are strategies we can help you develop to pay for the cost of a long-term care facility, while still getting the support you and your family needs.
Call Our Elder Law/Medicaid Planning Lawyer in Chesapeake Today
Whether you want to prepare for the future by creating an estate plan, or you are already in a time of crisis, our Chesapeake elder law/Medicaid planning lawyer today. At The Law Office of Angela N. Manz, our experienced attorney can provide the sound legal advice you need, answer your questions, and offer the reassurance you need. Call us now at 757-271-6275 or contact us online to schedule a consultation.
