Long term care and Medicaid planning often requires legal documents to protect assets, to provide decision makers in case of incapacity and to make sure an individual’s wishes are carried out both while alive and after they pass away. The legal aspect of this planning can be complex and requires expertise and an in-depth understanding of Medicaid law and asset protection. So Parker Eldercare works with Vance Parker Law to provide affordable, professional elder law, estate planning, asset protection, and Medicaid legal services to clients living in North Carolina.
Vance Parker Law provides the following legal services that go hand in hand with your Medicaid planning.
Parker Eldercare works with Vance Parker Law to deliver affordable, personal, professional elder law, estate planning, asset protection, and Medicaid legal services to clients living in North Carolina.
A North Carolina-licensed attorney in good standing since 1992, Vance holds his Doctor of Jurisprudence (JD) degree and his Master of Business Administration (MBA) degree from the University of Texas at Austin. He is a member of the National Academy of Elder Law Attorneys (NAELA), ElderCounsel, the North Carolina Bar Association (NCBA) Elder and Special Needs Law Section, the NCBA Estate Planning and Fiduciary Law Section, the NCBA Real Property Section, the Financial Planning Association (FPA), and the Healthcare Industry Professionals Serving Seniors (HIPSS).
Vance Parker Law has been rated A+ by the Better Business Bureau of Northwest North Carolina
It is important to have your estate affairs in order to be able to properly and fully protect your assets and plan for long-term care and Medicaid. At Vance Parker Law, we offer a comprehensive Will Package that includes a Will, Living Will, Financial Power of Attorney, Healthcare Power of Attorney, and a HIPAA release document.
In addition to the Will Package, a trust might be right for your estate planning. A trust allows you to give instructions about how your assets should be managed and to whom they should be given, and to pick a reliable trustee to make sure your wishes are carried out long after your death. Trusts are very flexible, and can be drafted in a variety of ways, one of which can protect your assets from Probate and Medicaid Estate Recovery.
If you already have a trust in place, Vance Parker Law can review it for compliance with Medicaid laws to ensure that you will not be disqualified from Medicaid eligibility.
There are many documents you and your family may need for your Medicaid planning. These documents include caretaker agreements, promissory notes, Medicaid compliant annuities, and special needs trust. At Vance Parker Law, we will review your situation and create a customized plan that prepares these documents to best meet your needs.
When a senior uses Medicaid to pay for their care, Medicaid counts and records every dollar spent on the Medicaid recipient. Following the Medicaid recipient’s death, Medicare will submit a bill to the recipient’s probate estate in a program called Medicaid Estate Recovery. If the home is still in the recipient’s estate, Medicaid can force the home to be sold to pay themselves back.
One of the best ways to protect your home from Medicaid Estate Recovery is to use a Joint Tenants With Rights of Survivorship Deed (JTWROS). Adding the “right of survivorship” to the deed re-characterizes the real property to provide survivorship rights. This means that if a property owner dies, that owner’s property interest automatically transfers outside of the probate process to surviving property owners.
JTWROS ownership not only protects against Medicaid estate recovery, but if a person is not married, it will also protect against large medical bills after they pass away.
Risks from your business may endanger your family’s life savings, if you are not properly prepared. The Limited Liability Company (LLC) has become the most economical and popular way for small and family businesspeople to shield their personal assets from the liability risks present in their business.
If unprotected, farm and ranch operations, rental properties, and all manner of small businesses expose owners’ personal assets to liability risks emanating from worker or visitor accidents, or from disgruntled employees. Protecting your business interests with one or more LLCs can create a liability shield designed to keep an aggressive plaintiff’s attorney away from your personal assets.
If an LLC set up is right for you, we will be happy to integrate your LLC(s) into an overall estate plan protecting you, your business, and your family from generation to generation.
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