Elder Law (Pre-Planning & Medicaid Crisis)

Elder law involves planning for complex health care, long-term care and other issues facing elderly and disabled individuals. The substantial cost of nursing home care can wipe out a family’s nest egg and any inheritance for surviving family members. This area of the law and issues families face are constantly changing, including:

• Asset protection strategies
• Look back period to qualify for Medicaid
• Only one spouse requires long-term care
• Gifting assets to others
• Spending funds on permitted expenses
• Qualifications for Medicaid assistance

If you or a loved one is in need of immediate long-term care (i.e., a nursing home), you are likely asking how is that cost going to be paid.  If you need planning to apply for Medicaid to assist in paying for the long-term care, we refer to this as Medicaid Crisis Planning.  Medicaid is a government program that may pay for long-term care at home or at a facility, such as a nursing home.  There are strict eligibility requirements that must be met before a person is eligible for Medicaid.  Axis Estate Planning can assess your eligibility, provide a plan to protect as many assets as possible (you don’t necessarily have to spend down all of your life savings to qualify), implement the plan and complete and file an application for Medicaid.

Your loved ones deserve the best elder care available. Axis Estate Planning is here to protect your family and help you understand Elder Law and Medicaid eligibility.

Estate Planning

What is an Estate Plan?  You first need to identify your ESTATE.  An ESTATE typically is all of a person’s financial accounts, personal property (cars, jewelry, furniture, etc.), life insurance policies and real estate (your home, cottage, etc.).

Second is the PLAN of how your assets and wealth will transfer after your death.  You need to determine how and to whom (children, family, charity, etc.) you will transfer your wealth and possessions.

In addition to your “things”, Axis Estate Planning also works with you to preserve your LEGACY.  Wealth is more than financial worth, but also your family history (stories, lessons, etc.), morals, beliefs and sentimental heirlooms.  Most often your LEGACY is lost with traditional estate planning.

Your Estate Plan can consist of various documents. Typically, an estate plan consists of a Will, a Revocable Living Trust (if warranted), Durable (financial) Power of Attorney and a Medical Power of Attorney.  A Will is where you name guardians for minor children and can be used to direct what assets go to whom.  A Will does not avoid probate, but essentially guarantees probate which is an expensive, lengthy and public process.  A Revocable Living Trust is like a “treasure chest” that holds your assets and, if you become incapacitated or your pass away, it provides instructions on what happens to your assets.  There are many advantages of having a Living Trust such as:  avoiding probate (if properly drafted and funded), flexibility, control of your assets, continuous management of your assets, reduction/elimination of challenges to your estate and many others.

Finally, Estate Planning is not just what happens upon death. A properly drafted Estate Plan also deals with managing your wealth while you are alive, but when you cannot make decisions.  We assist clients in identifying who will make decisions for you in the event you cannot through a Financial Power of Attorney (Durable Power of Attorney) and a Medical Power of Attorney and Living Will (Patient Advocate).  You need to be confident with YOUR Estate Plan.  We will be your guide on the journey to creating your Estate Plan that protects and preserves your wealth and LEGACY for the next generation.

Probate and Trust Administration

Probate or a trust administration is what occurs after a loss of a family member or loved one. If the person that passed had no will or just a will, then the process will be probate. If a Living Trust was in place, then the process is Trust Administration, if properly funded. We help the loved ones and family members navigate through each of these processes and the related matters such as:

• Reviewing the estate plan documents
• Notice to creditors
• Inventory of assets
• Asset valuations and obtaining valuations
• Court filings for probate
• Changing title of assets
• Tax issues
• Waiving inheritance of property
  (disclaimers)

Axis Estate Planning offers free, no obligation consultations for any family who has experienced the loss of a loved one.

Special Needs Planning

Typically, people think of estate planning from the viewpoint of the person leaving the inheritance.  However, that is just one side of the equation.  What about standing in the shoes of the person to receive the inheritance?  Without a professional, you run the risk of leaving assets to someone that may be receiving government benefits.  Such an inheritance may disqualify the heir from receiving his/her benefits.  Many people with special needs or a disability rely on government programs to provide health care insurance or Supplemental Security Income.  So, a real unintended consequence is leaving a loved one in a worse financial position.  With proper planning and the correct use of certain Special Needs Trusts (supplemental needs trust), your loved one can receive ongoing government benefits and the inheritance can be used to make the beneficiary more comfortable in many ways.

Each person’s situation is unique, this is why personalized attention is so important.  If you have any questions or would like a consultation to see how we can help you implement a custom crafted plan, please contact us now.

Pet Planning

What happens if your beloved pet outlives you or you become incapacitated? Would your pet go to the pound, or worse yet – be euthanized? You can control what happens to your pet and who cares for your pet, when you cannot. You should consider a Pet Trust and Durable Power of Attorney for your pet’s care. Then the following matters can be addressed such as:

• Set aside part of your Estate for your pet’s care
• Keep multiple pets together and not separate them
• Choose who cares for your pet
• Select who oversees the money for your pet’s care
• Elect a person to make sure your instructions are followed
• Provide direction for your pet’s care and end of life care/treatment
• Designate Burial/Cremation instructions

Family Cottages/ Land

Planning is important when transferring the family cabin or recreational land to the next generation. Owners of a family cottage, cabin, hunting land or vacation home need to consider a Cottage Trust or Family Limited Liability Company to address the various issues:

• Our children & grandchildren are all different
• Multiple owners = disagreements
• Use(s) of the cottage/ land
• Payment of taxes & expenses
• Upkeep of the cottage / land
• Family member does not want to inherit part of the cottage / land?
• Creditor issues
• Divorce issues
• Family member wants to sell the cottage I land
• Funding – setting aside money to assist the family to pay for the cottage/ land

Firearm/Gun Planning

Do you own handguns, rifles, shotguns or other NFA firearms? Gun Trusts can solve nearly all issues with the transferring of guns to your heirs, family or other beneficiaries of your estate.  Some of the issues a gun owner must confront are:

• Probate avoidance
• Seizure of your guns / firearms
• Prohibited persons not receiving firearm
• Accidental Felony avoidance
• Avoiding constructive possession
• Taxes for firearm transfer(s)
• Creditor protection
• Firearm destruction upon death

A Gun Trust provides the vehicle to preserve your guns, heirlooms and other firearms for future generations to use.