Elder Law Attorneys Serving Cary, Raleigh, Apex, and All of North Carolina

Elder law attorneys often hear rumors that get passed around about Medicaid, such as the best way to protect your assets is to give them away to a family member three years before you anticipate entering a nursing home.  Often these rumors are incorrect or distortions of the rules. The truth is that there is no one-size-fits-all solution when it comes to estate planning. Your income level and assets will affect your eligibility for government benefit programs. Meeting with an elder law attorney today can help you to structure your estate in a way that will protect your assets but still allow you to qualify for assistance benefits if needed such as Medicaid.

An elder law attorney will help you design a plan that addresses two main issues. First, a nursing home might not be the best fit for you. An elder care attorney can guide you through the various options available. Second, if you improperly gift your assets to family members, then you can disqualify yourself from assistance benefits and you may incur significant tax penalties. Consulting with an elder care attorney will ensure your assets are properly protected and prepare you for the future.

Crisis Planning After Major Health Events

If you are disabled or suddenly unable to make decisions for yourself, your spouse or children are not automatically able to make decisions on your behalf. This legal reality often comes as a shock to many families, leading to unnecessary stress during an already difficult time. Without proper planning, your loved ones may find themselves powerless to help you when you need it most.

This is why it is important for every adult to create a durable power of attorney. This legal document allows you to delegate your personal, financial, and medical decisions to an agent in the event that you become incapacitated. You can determine who the agent is and how much decision-making power they have.  This flexibility allows you to tailor the document to your specific needs and comfort level. You might choose to give broad powers to a spouse or limit the authority of an adult child to specific areas of your life.

If you are incapacitated without this document, no one can legally act on your behalf until the court appoints a guardian. This court process is often time-consuming and costly, potentially depleting resources that could be better used for your care. Moreover, there is no assurance that the court will pick the same individual you would have chosen. The court-appointed guardian might be someone unfamiliar with your wishes or values, potentially making decisions that you wouldn't agree with.

By working with an elder law attorney to create a durable power of attorney, you're not just planning for yourself—you're also protecting your family from added stress and uncertainty during a crisis. It's a powerful tool that ensures your voice is heard, even when you can't speak for yourself.

Elder Law Attorneys Can Help Everyone, Not Just Senior Citizens​

An elder law attorney can help you plan for your future, even if you are years away from entering your golden years. The two primary benefits of consulting with an elder law attorney are simple: 

• You can proactively create a plan for any long-term care you might need in the future. This involves strategizing how to afford potential care needs without depleting your assets. An elder law attorney can help you explore options like long-term care insurance, Medicaid planning, and asset protection strategies to ensure you're prepared for whatever the future holds.
• You can make a plan that takes effect should you become disabled that also meets your standard financial and estate management objectives. This includes setting up powers of attorney and health care directives to ensure your wishes are carried out if you're unable to make decisions for yourself. Additionally, an elder law attorney can help you structure your assets and estate in a way that provides for your care while still preserving wealth for your heirs.

Our Elder Law Attorneys in Cary, NC Are Ready to Answer Your Questions

If you have any additional questions about how our elder law attorneys in Cary, NC can help you or if you are ready to get started, please call our office at (919) 443-3035,  reserve a seat at an upcoming seminar, or contact us online. At the end of the call, you’ll know the next step, and at a minimum, we’ll point you in the direction of resources that can help you. Our goal is for you and your loved ones to have peace of mind and a pleasant ongoing journey.