Sophisticated Planning For Elder Law Needs In Boston, New England, Florida And Beyond.

More than 40% of people over age 65 will spend some time in a nursing home. In their angst about funding long-term care or depleting their children’s inheritance, many senior citizens, acting on bad advice, actually make things worse.

The elder law attorneys of Cushing & Dolan, P.C., provide sound strategies and comprehensive planning for seniors to plan for nursing home care, preserve family wealth and anticipate other legal and financial concerns associated with aging.

We work closely with elderly clients or family members overseeing their interests to cover all the bases. Arrange a free consultation with one of our experienced, compassionate and tax-savvy lawyers. We serve clients across Massachusetts and New Hampshire, with multiple offices in the Greater Boston area.

Solutions For The Challenges Of Aging

Elder law is an umbrella term for a range of legal issues relating to the retirement years. Our knowledgeable lawyers provide the comprehensive approach to give clients options – and peace of mind – for future scenarios:

• Medicaid planning – Our elder law practice is primarily focused on protecting family assets from the costs of long-term care, if and when that time comes, through irrevocable Medicaid trusts, a life estate, private annuities and other proven strategies.
• Estate planning – We assist elderly clients in drafting wills, durable powers of attorney, living wills, health care proxies, and HIPAA release forms so that family members and medical caregivers will know your wishes.
• Tax planning and succession – We are well-versed in the use of trusts, gifting exclusions and asset protection tools to ensure your estate passes to heirs with minimal exposure to taxation, creditors and probate complications.
• Reverse mortgages – Elderly homeowners who find themselves “house rich” but “cash poor” can explore this option for drawing on home equity to meet their needs.
• All elder law issues – Funeral plans, charity legacy, elder financial abuse, conservatorship, special needs trusts and more.

Frequently Asked Questions About Elder Law

Here are answers to some commonly asked questions about elder law matters that may help guide your initial understanding.

When should I start Medicaid planning for myself or a loved one?

The best time to begin Medicaid planning is well before you or your loved one needs long-term care. Ideally, planning should start at least five years before anticipated nursing home care due to Medicaid’s five-year “look-back” period. During this period, Medicaid reviews all financial transactions to identify asset transfers that might have been made to qualify for benefits.

Early planning provides more options for protecting assets while still qualifying for benefits when needed. However, even if a loved one is already in a nursing home or will need care soon, there are often still strategies available to protect a portion of their assets.

How do I choose between a revocable and irrevocable trust?

The decision between revocable and irrevocable trusts depends on your specific goals:

• Revocable trusts: Offer flexibility as you can change or terminate them during your lifetime. They provide probate avoidance and incapacity planning but do not protect assets from Medicaid spend-down requirements or creditors.
• Irrevocable trusts: Once established, they generally cannot be changed. They offer significant advantages for Medicaid planning and asset protection since assets properly transferred to an irrevocable trust (outside the five-year look-back period) are not counted as available resources for Medicaid eligibility.

Your choice should be based on your priorities: maintaining control (revocable) versus asset protection (irrevocable).

What is the best way to protect assets from nursing home costs?

There is no one-size-fits-all solution, but effective strategies often include:

• Medicaid asset protection trusts: When established at least five years before needing care, these irrevocable trusts can protect assets while allowing you to receive income.
• Life estates: Transferring property while retaining the right to live there for your lifetime can protect the home while still qualifying for Medicaid benefits.
• Long-term care insurance: This can cover care costs and reduce the need to spend down assets.
• Strategic gifting: Within IRS annual exclusion amounts and timed properly outside the look-back period.

The optimal approach depends on your specific situation, including your health, finances and family dynamics.

What legal documents are essential for seniors?

Every senior should have these fundamental documents:

• Durable power of attorney: Appoints someone to manage your finances if you become incapacitated.
• Health care proxy: Names someone to make medical decisions if you cannot speak for yourself.
• HIPAA authorization: Allows specified individuals to access your medical information.
• Living will/advance directive: Expresses your wishes regarding life-sustaining treatment.
• Last will and testament: Directs how assets should be distributed after death.
• Trust documents: If applicable to your situation.

These documents should be reviewed regularly and updated after major life events or changes in preferences or relationships.

Experienced Estate Planning Lawyers

Many families unnecessarily waste thousands of dollars on nursing home care or falsely believe they must spend down all assets to qualify for Medicaid. As members of the National Academy of Elder Law Attorneys (NAELA), with strong credentials in tax law, we can address long-term care planning in a way that best serves our senior clients and their heirs.

For more information, see elder law articles written by our Boston elder law lawyers, or call 888-759-5109 or e-mail Cushing & Dolan, P.C. to arrange a free consultation. We have eight convenient office locations in Boston and beyond.