Medicaid Attorney
in Washington
(360) 816-2485
WHAT LEGAL PLANNING SHOULD YOU DO WHILE YOU ARE STILL HEALTHY IN CASE YOU NEED LONG TERM CARE? This is a question I am asked frequently by my clients who are healthy now but in their late sixties and beyond, thinking about their future.
You are probably like most of us. We all hope that we can live life fully to its natural end and when it is our time to go, we go. Unfortunately, we know that some of us will have a time period prior to death when we may lose our ability to think, act and care for ourselves. The pertinent question is, "What can you do legally ahead of time to make a period of incapacity easier on your family”?
The most important thing you can do is sign a well-thought out power of attorney tailored for your situation.
In your power of attorney, you should thoughtfully select your attorney-in-fact and be sure and name an alternate if your first choice cannot serve as your power of attorney. Another thing you should do in your power of attorney, if you are concerned about Medicaid paying for any long-term care you may need, is to review with an elder lawyer, familiar with Medicaid rules, the type of gifting authority that would be right to add to your power of attorney to meet your goals and Medicaid’s requirements.
Once you have a well-designed "Medicaid-sensitive” power of attorney, another legal document you should consider, if you are married, is a Testamentary Special Needs Trust.
While you are alive, you can add a special needs trust for your spouse to your will. Then if your spouse needs Medicaid after you die, the assets in the trust will be there to take care of your spouse, but will not disqualify your spouse from receiving Medicaid.
A Testamentary Special Needs Trust is powerful Medicaid planning that can be very helpful in the right situation. While you are thinking clearly and able to do good, thoughtful planning, you should review with an elder lawyer knowledgeable about Medicaid whether it is the right strategy for you.
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