In this Elder Law Minute, Paige Fox explains why creating or updating your estate plan is the essential first step in Medicaid planning.
Video Transcript:
Hi. My name is Paige Fox. I’m a Senior Associate attorney here at Dent Coulson Elder Law. And I understand these topics are very complex, so I’m hoping these Elder Law Minutes can bring some insight and some more understanding to both potential clients and current clients. Thank you.
Today I’m here to talk about estate planning and how it is always the first step to Medicaid planning. In a prior video, I discussed the difference between emergency planning and pre-planning for Medicaid. However, no matter the situation you’re in—whether you think somebody will need long-term care in the next five years, or in the next ten years, or in however many years—the first step to doing Medicaid planning is to always make sure that you have an estate plan that includes provisions and different authorities in the documents themselves that allow somebody to complete Medicaid planning or other asset preservation techniques in the future, if and when somebody needs long-term care.
So, for example, if you have a significant other or family member who is potentially needing long-term care in the next five years, however, you’re not sure, you know, when they’ll need to go into a long-term facility or where their health is going to be in the next few years, I always recommend that you still have that individual update their estate plan as soon as possible.
The first reason being that in order to update your estate plan—or in order to create an estate plan—you have to have the necessary legal capacity to do so. And as we age, any sort of disability, the concern is always there as to whether or not you do have the mental capacity needed to update your estate planning documents. That is true whether it’s a last will and testament, powers of attorney for health care and property, or some sort of living trust. In order to create those documents, you have to have the legal capacity necessary.
So if you are considering, you know, that somebody may need Medicaid in the future, the first step is always for that individual to update their estate plan now so that you know, if and when the authority is needed in the future, that the authority has been put in place via those documents.
Once an estate plan is in place, and you know that that estate planning document includes provisions and authorities that allow Medicaid planning, it does not matter if the need for long-term care is in two years or in five years. You know the authority is built into those documents to allow whoever you named, or whoever you trust to assist, to do Medicaid planning on your behalf.
If you or anyone you know is considering the need for Medicaid or long-term care in the future, I recommend reaching out and updating your estate plan today.
Contact Us for Assistance
Thank you for watching our Elder Law Minute. If you need help with powers of attorney or any other estate planning needs, please call Dent Coulson Elder Law.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
