The poet Robert Burns wrote the memorable line “the best laid plans of mice and men…” and he was correct. Sometimes even the best plans can be foiled by an unexpected turn of events, such as happened to Ann and George.
The couple had been married for over 40 years, and were living a successful, upper middle-class life. They owned a home, which made up a substantial portion of their financial portfolio. They each had 401(k) accounts and individual IRAs, and as investors they had accumulated a stock and bond portfolio. They believed they were set for a comfortable and active retirement. And then, the unexpected happened. George was diagnosed with Parkinson’s disease, and his medical and mental status began to deteriorate. Ann and George began to have big concerns about how to plan for George’s long-term care needs and how best to preserve their hard-earned nest egg. What should they do?
Ann and George would find that a consultation with an Elder Law attorney could help. An Elder Law attorney can create legal documents such as powers of attorney, health care proxies, and trusts, to provide for surrogate medical and financial decision making. These documents would include provisions allowing George to become eligible for Medicaid benefits, if needed, which would defray his costs for long-term care. In addition, the attorney can make the Medicaid application for George, so he will be eligible for benefits immediately. The Elder Law attorney could assure Ann that she will not have to spend her later years worried about losing her house or not being able to afford groceries.
We care about our clients and we are aware that the unexpected can happen. Please know that if it does, we are here for you. Remember, we are only a phone call or e-mail away.
This is the first of a series on “How your Elder Law Attorney Can Help You” in honor of Elder Law Month. Stay tuned for the next installment coming next week.
The information provided in this email does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available here are for general informational purposes only.
