Adult children of elderly parents often face a dilemma: In order to qualify their parents for Medicaid and in-home care, their parents’ assets must be depleted, or spent down. As a result, many elderly Americans are faced with a choice — forego needed health care or lose their home. An experienced estate-planning lawyer, however, can explore strategies for transferring money, re-allocating assets or creating income-distribution pools to help elderly people qualify for Medicaid without becoming impoverished.
And, when competency or undue influence is a concern, your lawyer can help you establish a guardianship or powers of attorney to protect your loved ones from those who might take advantage of them.
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