A. Yes, it is always possible to preserve a portion of the assets. This is true even when the person is already in a nursing home paying privately.

A. The IRS has rules regarding gifting that many of us are familiar with. Currently a person is allowed to gift up to $14,000.00 to other family members with no tax consequence. I am often asked if gifts of $14,000.00 may be made to each member of the family when a grandparent enters a nursing home. Please remember that the IRS rules have nothing to do with Medicaid eligibility rules! The answer is no. Do not make any gifts of any kind before getting proper legal advice.

A. No. As a joint owner, you also have access to 100% of the funds, and therefore as someone in need of care, you would be expected to make 100% of the funds available. If this were the case, everyone going into a nursing home would just add names to their accounts to divest their interest.

A. There are Irrevocable Trusts that when created, may produce income that is diverted to the creator of the Trust. However, keep in mind that if later on the creator needs long-term care, the income from the Trust cannot be turned off. It also causes Medicaid to take a much closer look at any application submitted where a Trust has been created.

A. It is critical to at least have a Power of Attorney and Health Care Proxy. These documents allow you to appoint trusted individuals to access your finances and health care decision-making when you are unable to do so yourself. This can avoid very costly and lengthy guardianship proceedings that may otherwise have to be brought against you.

A. Very few people actually need a Will, and very few people even have a Will. The State already gives each of us a Will through the laws of intestacy, and for most people this is what they want anyway. Also, a Will is not applicable to assets that are held in beneficiary form or in joint ownership with another person.

A. In most cases, clients would rather not subject their families to the probate process. Trust planning allows your family to avoid the cost, the time, and the legal drama that is typically associated with the probate process.

A. There could be serious disadvantages to holding assets in joint ownership, including costly tax burdens when a surviving spouse ends up with all of the assets, and even disinheriting intended beneficiaries when a child is the beneficiary of assets to the exclusion of other siblings.

A. At the very least, please be prepared to discuss what your assets consist of and your family structure. The more information I have to work with, the better your consultation will be.

A. The price for service varies depending on the amount of work involved in the matter. I have always offered a free consultation so that together we may determine if I can be of service to you, and especially add value to what you are trying to accomplish. The consultation will usually last from 1/2 hour to one hour or more.