Ellicott City Elder Law Attorney

Medicaid & Elder Law Attorney In Ellicott City

At the heart of Howard County, Maryland, sits the town of Ellicott City. Known for its history with the nation’s railroad and charming Main Street, Ellicott City is home to numerous individuals who are considered of senior age. These folks, along with their families, can face a wide range of challenges when it comes to healthcare and the ability to seek Medicaid or other forms of long-term care. Thankfully, an Ellicott City Medicaid & elder law attorney can help.

At Liberty Legacy Law Group, we understand how vital and necessary Medicaid and other forms of long-term care can be. Legal guidance is crucial for these issues, and we have the experience and resources to help you understand all of your options so that you can make the right decisions for yourself and your loved ones. Medicaid can be an especially confusing subject, but the team at Liberty Legacy Law Group is here to ensure your assets are protected and that you qualify for benefits.

What Is Elder Law in Ellicott City, Maryland?

Over 18% of the population of Ellicott City is aged 65 or older. For these individuals, elder law and the planning that comes with it can be vital to the protection of their financial well-being. As we age, our medical needs will most likely increase. These needs can become expensive, and without the right kind of planning in place, your assets may quickly disappear, and the unique wishes you have regarding your medical care could go disregarded.

At Liberty Legacy Law Group, we are here to offer several legal services when it comes to comprehensive elder law, including the following:

• Estate Planning. No one wants to think about what the end of their life might look like, but ensuring you have a legal and valid plan in place for what happens to yourself and your property is important. We can help you create and implement various estate planning strategies to support you as you age, including:
  • In Ellicott City, a will is a strategic tool to protect your assets and ensure these assets are handed down to your heirs in accordance with your wishes. It can also help you name the executor or personal representative of your estate who will handle all associated matters after your death.
  • A trust is useful for all individuals, but especially those who are concerned about preserving their wealth for themselves and their loved ones. You can transfer funds and assets into a trust to be later distributed amongst beneficiaries according to your stipulations. This can help protect your assets from creditors, certain taxes, and the probate courts.
  • Advance Medical Directives. This estate planning tool is vital to senior individuals, especially those concerned about their long-term care. This document allows you to name an individual to make certain decisions for you regarding your medical care should you become unable to do so yourself. It may also be referred to as a living will.
  • Financial Powers of Attorney. This document gives an appointed individual the legal authority to act on your behalf under certain conditions. In several cases, a power of attorney allows the appointed individual to manage your legal and financial affairs if you become incapacitated.
• Medicaid Planning. Long-term care can be expensive; there’s simply no way around it. For individuals who qualify, Medicaid is a state and federally funded program that works to help cover the costs of long-term care. However, without necessary planning, your assets may disqualify you.
• Long-term Care Planning. This planning can help make arrangements regarding any assisted living or nursing home residency you may require as you age.
• In Ellicott City, guardianship gives an appointed individual the legal authority to care for a loved one in need when that loved one is unable to care for themselves.

At Liberty Legacy Law Group, we can help ensure that you are taken care of as you grow older. The staggering reality is, however, that only about 32% of Americans have any kind of long-term care or estate plan in place. Now is the time to think about the future and ensure your wishes are respected and your assets preserved through elder law planning.

Protecting Your Assets for Medicaid Qualification

When it comes to long-term care, Medicaid is a useful tool to help cover some of the costs and expenses that come with age. However, the rules surrounding eligibility for Medicaid are strict, and you may realize that the value of your assets disqualifies you from these benefits. Medicaid has a five-year look-back period, which means that your eligibility could be impacted by any asset transfers that take place within five years of applying for benefits.

However, with the proper planning, you can structure your assets in a way that allows you to qualify, avoid certain financial complications, and ensure that your loved ones are still able to receive their inheritance. There are several strategies that can ensure you qualify for Medicaid without having to risk any of your assets, including:

• Irrevocable Trusts. In Maryland, an irrevocable trust allows you to take certain assets out of your name and transfer them into a trust that keeps them safe while still being able to meet the requirements for Medicaid eligibility.
• Life Estate Deeds. This deed can allow you to maintain control over your home while ensuring that it still transfers to your heirs after your death without going through the lengthy and expensive probate process.
• Promissory and Annuity Notes. If you convert your assets into an income stream through the use of promissory or annuity notes, it can help you restructure your finances to meet the requirements for Medicaid eligibility.

Speak to a Trusted Medicaid & Elder Law Attorney Today

Whether you are concerned about your long-term care or the care of an aging family member, the team at Liberty Legacy Law Group is here to help. Medicaid coverage and eligibility can be confusing, but with our help and the implementation of proper planning, it doesn’t have to be. Contact our office today to schedule a consultation and learn more about our elder law services.