This Week From
When it comes to Planning for Nursing Home Care – Having the Power of Attorney is Critical
My good friend, Pat Simasko, is an elder law attorney. I always cringe at the term “elder law” – thinking to myself, – isn’t there a more descriptive term to cover this area of law? Elder law, for the most part, refers to the legal and financial steps that can be taken when a family member is facing the dramatic costs of assisted living or nursing home care. The MEDICAID laws, as implemented by the state, as well as Federal laws relating to Aid and Attendance benefits for Wartime Veterans are interfaced with estate planning and financial techniques in an effort to save the financial resources of the person needing care – so to provide for the other spouse. Suppose Dad needs care, but Mom is okay – in that case we need to worry about Mom and Dad – not just Dad!
In this sense, maybe the better term would be “Senior Asset Preservation Law” – rather than Elder Law. Do you like it?
Anyway, there are a ton of issues in play here. Before you get to the nuts and bolts there is a preliminary first initial step that needs to be in place – you must make sure you have an up to date Durable Power of Attorney (DPOA) in place for Mom and Dad – such that you, as the child or the other spouse, have the immediate power to act on their behalf as the need arises. In Senior Asset Preservation Law situations (I had to try the new name) this can be critical – for instance – Dad is widowed and needs immediate nursing care and is not capable of acting on his own due to a major stroke. If Dad has the house in his name, he needs to do a Ladybird Deed to transfer the home upon his death to his children in order to avoid the Medicaid Probate lien that will attach to the home so the state can seek reimbursement for the nursing home costs paid while he was living. If the DPOA is in place and the stroke occurs, then Mom or the child can sign for Dad and make the required transfer. If, however, Mom, Dad and the kids were just too busy or just didn’t think the stroke would happen and therefore did not have the right documents in place -well then it will be too late!
Simple fact – we don’t know when bad things are going to happen – so we need the documents in place before. That’s why, we’re holding a FREE Seminar this coming Wednesday evening, “Estate Plans are Needed for the Living – If You’re Alive – You Need to Attend” – it’s at 6 PM at our office in Bingham Farms.
Better yet, attendees will receive a $300.00 Certificate off the cost of an Estate Plan at Thav Gross. You have to attend to receive the certificate!
Sign up below and stay warm, these last days of Winter.
THAV GROSS PC
30150 Telegraph, Ste 444
Bingham Farms, Michigan 48025-4519
P.S. You and your friends are invited to attend our FREE seminars – which will be held in our Seminar room at the office – Suite 360:
Wednesday, April 12, 2017 – 6:30 to 8:00 PM –”Debt Elimination Is The Grand Slam Of Finance!”– focusing on how to preserve future income for savings – so you have something to retire with. Sign up by clicking the image below.
Did you know that THAV GROSS offers free consultations for business, financial and tax problems? Call anytime.