You went to an attorney and had a revocable living trust created. That’s great! Estate…
I’m often asked this question – When is Medicaid crisis planning appropriate? When this planning is necessary, it is sudden, and you can be left wondering, “where do I go now”? Thankfully, there are Elder Law attorneys who specialize in assisting families during these times, and Schluesche Fields S.C. can be your “where”.
What is a “crisis”? A crisis, in Medicaid planning terms, is when someone has entered or is about to enter a nursing home (or assisted living facility) and it will be long term.
When is “crisis planning” appropriate? Crisis planning is appropriate when there has been a crisis. Before someone has entered a nursing home or assisted living facility, it would be guesswork to figure out the best individual plan. However, there are a few simple things you can do to prepare before a crisis occurs.
Pre-planning for a crisis: Have your financials affairs in order. This includes: a) Creating a detailed listing of your assets; and b) Appointing a durable financial power of attorney.
At estate planning conferences, we provide an Asset & Inventory form to clients to help guide them in preparing this asset listing. This is also when the appointment of durable financial powers of attorney are discussed, among other things. If you already have a listing of your financial accounts and a durable financial power of attorney appointed, the crisis planning process can move quickly.
When individuals who are experiencing a crisis come to our office, it is our goal to allow them to focus on their family, not their finances. Our job is to focus on the financial side of the equation so that you can attend to the needs of your loved one.
While it may not be the right time for you to be “crisis planning”, at Schluesche Fields S.C. we are happy to meet with you to further discuss the process and what is possible for you in terms of asset protection, in the event you are faced with a crisis in the future. Do not wait and take the advice of those not specialized in Elder Law as it could have dire financial consequences in the event of a crisis.