Panola and Harrison County Medicaid Planning Lawyer Providing Sensitive Guidance
Planning for the future may be a formidable task, especially when it comes to anticipating and preparing for the numerous challenges that may arise during one’s later years. However, the reality is that many Texas residents face the possibility of diminished physical and mental capacities during the aging process, and nursing home costs have been on the rise in recent years. While long-term care life insurance may help, not everyone can afford this blanket of protection, and there may be significant limitations to this coverage even for people who can. Taking steps now to safeguard your assets may be critically important if you later need to apply for Medicaid benefits or other assistance. Serving people in Harrison County, Panola County, and beyond, knowledgeable Medicaid planning lawyer Shelia McCoy can assist aging clients with Medicaid planning and elder law matters. She understands how emotionally complicated these areas of the law may be, and she offers a compassionate yet professional approach to dealing with any complexities that may arise.Medicaid Planning
Medicaid is a health coverage program funded jointly by the federal government and individual states. Its intended recipients include low-income adults, elderly adults, children, and people with disabilities. In total, close to 72.5 million Americans (including over 4.7 million Texans) are enrolled in Medicaid. For individuals who qualify, Medicaid may help pay for nursing facility care, home health services, doctor costs, and hospital expenses.
The question of whether or not a particular individual is eligible for Medicaid may be a complicated issue. In addition to considerations concerning the applicant’s current financial situation (including a look at their modified adjusted gross income (MAGI)), there may also be an inquiry into some of their past financial dealings. This is because there is a “look-back” period during which certain transactions, particularly those in which the Medicaid applicant received less than fair market value in exchange for the transfer of an asset (such as a home or land), may be “counted” for the purposes of determining whether they qualify for assistance under state and federal guidelines.
For these reasons and others, a well-considered estate plan may be of great value to an individual or a couple who believes that, realistically, an application for Medicaid benefits may be necessary at some point in the future. When you are approaching this process, you should consult Panola and Harrison County Medicaid planning attorney Shelia McCoy. She can advise you on a specific strategy to implement. Typically, an estate plan focused on Medicaid planning may include a last will and testament, a revocable living trust, or an irrevocable living trust, or a combination of these documents. They allow you to preserve certain assets so that they do not need to be liquidated to pay medical or nursing home costs later. A living will, a durable power of attorney for health care, and a durable power of attorney for financial affairs may add additional peace of mind in many situations.Divorce and Family Law
Our firm also handles divorce, child custody, and child support matters. A divorce may be granted on any of several grounds, including adultery, a felony conviction, living apart for at least three years, or abandonment, assuming that one or both spouses meet certain residency requirements. Texas is a “community property” state, meaning that debts and assets acquired during a marriage are to be divided evenly between the spouses. If the couple has young children, the court will decide which parent will be the conservator if the parents cannot agree on a custody plan. The court may also make provisions for visitation and child support, as well as spousal maintenance (alimony) if needed.Seek Advice from a Medicaid Planning Attorney in Panola or Harrison County
If you have questions about estate planning, elder law, or domestic relations, you should explore your options with a qualified attorney as soon as possible. Experienced Panola and Harrison County Medicaid planning lawyer Shelia McCoy can schedule an appointment to discuss your situation and help you develop a strategy to work toward your goals. Call us at (903) 935-1190 or contact us online to schedule an appointment with an elder law attorney. We regularly assist people in cities such as Carthage, Beckville, DeBerry, Gary, Tatum, Marshall, Longview, Waskom, Elysian Fields, Harleton, Karnack, Hallsville, and Scottsville.