At Betcher & Yunes LLP, our attorneys work with elderly clients to achieve their goals, while preserving assets during a vulnerable period of their lives. We discuss avoidance of probate as a means of resolving disputes and qualification for Medicaid (MassHealth) while protecting the family home from a lien related to long term care. We help our clients understand the options that are available to them and the advantages and disadvantages of each approach.
Medicaid planning involves strategies to help the family preserve the primary residence and other assets for the next generation in the event that prolonged nursing home care is required, while maintaining eligibility for Medicaid should such assistance be required in the future. Aside from purchasing long term care insurance or making lifetime gifts, a popular strategy for protecting assets from nursing home costs and recovery is the transfer of assets to an irrevocable income only trust (“IIOT”). These strategies, however, are not to be entered into lightly. Our attorneys have extensive experience implementing such trusts.
Often elder law involves navigating challenging family situations. Our attorneys have vast experience dealing with such situations to preserve family harmony and achieve family goals.