Elder Law Lawyers in Georgetown Resolving Matters for Clients Across Central Texas
Founders Elisa and James Rainey recognized that many people, young or old, need help putting together an effective and thorough plan for their future and end of life. The dedicated team at Rainey & Rainey has decades of experience assisting the elderly with estate planning, Medicaid planning, qualification for government benefits, and other legal matters concerning elder law.
Legal matters can often become complex for an older or disabled person. Often, without proper planning, our elderly loved ones are forced to turn to family members to care for them financially. This is a burden that many would never choose to place on their loved ones but sometimes seems like the only option.
At Rainey & Rainey, we will match you with an elder law attorney that is passionate about helping you put in place the legal documents required for a comprehensive estate plan that will protect your family’s future.
If you are worried about qualifying for Medicaid, look no further than our qualified elder law attorneys at Rainey & Rainey. One of the legal services we provide is to aid you in your Medicaid planning and give you the best chance at qualifying for those needed benefits.
How Can an Elder Law Attorney Assist Me in Qualifying for Medicaid Benefits?
At Rainey & Rainey, we assist our clients in determining whether they qualify for Medicaid benefits. Even the best-prepared families can be blindsided by the need to pay for long-term care. Medicaid is a government benefit program designed to help those in a nursing facility pay for their long-term care. Medicaid can sometimes pay for long-term care at home. By providing accurate insight and caring counsel that applies to your specific needs, our Georgetown Medicaid Planning lawyers can assist you in making the right choices, protecting you from common mistakes that can lead to unnecessary loss of Medicaid eligibility.
How Can I Plan for Long-Term Care?
Creating a complete and comprehensive estate plan with the assistance of an elder law attorney can make a huge difference for you. Implementing proper strategies can help you avoid personal and financial turmoil resulting from sudden changes, health conditions, or the sudden need to be dependent on others.
At Rainey & Rainey, Attorneys at Law LP, we have compassionate and experienced elder law attorneys. We will work with you to establish Medicaid and nursing home plans that preserve your assets as much as possible and ensure that you will be cared for and comfortable in situations leading to long-term care or a nursing home.
Medicaid and long-term care planning are critical elements in proactive estate planning for seniors. Even with wills, deeds, and finances figured out, nursing home care and long-term care can leave a family dealing with many thousands of dollars of debt accrued in a short amount of time. Nursing home and residential care can become prohibitively expensive. Proper planning can help you ensure these costs are paid for to ensure no gaps in quality care.
What are Qualified Income Trusts or Miller Trusts?
Typically, higher-income applications are disqualified from Medicaid benefits. However, in the state of Texas, a qualified income trust (often referred to as a Miller Trust) can help higher-income applicants qualify for Medicaid by setting up a trust account to manage a co-pay.
Miller Trusts are only one tool created to help Texans qualify for Medicaid. A qualified income trust diverts an individual or married couple’s income into a separate trust to pay the co-pay. The trust serves as a funnel to send income to the nursing home without putting them over the income limit, allowing some higher-income families to qualify where they may not be able to before.
Miller Trusts have the following characteristics:
- They are irrevocable. Once the trust is created, it isn’t able to be changed.
- The trust must contain all funds received that would cause the individual to exceed the income cap, rendering them ineligible for Medicaid.
- They include a reversion clause. This clause ensures that, upon the applicant’s death, the remaining funds within the trust pay the State of Texas for the amount of Medicaid assistance provided.
- They are exclusive, meaning the trust can only contain the individual or couple’s income. Other funds are not allowed to be funneled into the trust.
Is My Will Not Enough? Why Do I Need These Other Documents?
All estate planning should include a will. But an estate plan should not, under most circumstances, be limited to one document. Family Trusts, Powers of Attorney, Living Wills, and other documents should be considered in each plan.
However, a will says nothing about what happens if you cannot care for yourself or make decisions through injury or mental decline. Many documents work alongside a last will and testament to ensure that you and your assets are taken care of and carried out to your specification. Our team will gladly help you through the process of completing your estate plan to accomplish your goals.
Rainey & Rainey, Attorneys at Law LP, Have Elder Law Attorneys in Georgetown Ready to Assist You
Plan for the future and take care of your elder law concerns by contacting us today. Schedule an initial consultation with one of our experienced, caring lawyers today by calling (512) 357-7169.