Birmingham attorney, Bob Cornelius, PC, discusses with Jon Roberts the special attention that is needed when dealing with the financial situation in elder care. Bob’s law practice specializes in elder care and special needs and he shared with us his insights from his extensive years of experience.
Important legal documents
Anyone dealing with taking care of an elderly family member or friend should have the following legal documents on file.
- Durable power of attorney
- Living will
- Healthcare directive
Medicaid and Medicare
Medicare only pays medical and not long term care. Medicaid helps pay for long term care but it must be done through private insurance or private pay.
Assets that can go on hold for Medicaid
Medicaid has an asset and income limitation to qualify. The asset limitation is $2000. The income limitation is not really a limitation because it must go into a Medicaid qualifying trust that will pay out the money to the nursing home. The biggest asset for most people is their home. If the home is in joint names, it cannot be used unless it is put up for sale. If it is in the name of the person needing Medicaid, then it can be used.
The lawyers at Robert D. Cornelius, PC advise and represent clients in Birmingham and throughout Alabama, in all manner of elder law and special needs issues. Their years of experience allow them to offer knowledgeable advice to clients regarding their estate plans, how to pay for a nursing home and long term care and ways to ensure that their loved ones are provided for in the future.
Please contact us for more information.
[contact-form-7 id=”4771″ title=”Financial Inteligence contact form”]
Senior Vice President
Email Jon here
Bob Cornelius is not affiliated with LPL Financial or Fi Plan Partners. Fi Plan Partners and LPL Financial do not provide legal advice or services.
The Law Office of Robert D. Cornelius: The information you obtain at this site or through this video is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client.