Why do I Need to Plan for Medicaid? (Ie. Why Can’t I Just Give My Assets to My Children?)

In my previous post http://www.perlalaw.com/blog/hello-world/I discuss the cost of long-term care and the importance of planning for Medicaid.  This blog will try to dispel many of the misconceptions relating to Medicaid planning.  One such misconception is that a person can simply give away assets in order to qualify for long-term Medicaid.

When a person applies for Medicaid, he will be asked whether he or a spouse made any gifts within the last 60 months.  (Different rules apply to gifts made prior to 2/8/09).  This question is asked because a person will be penalized for any gift made within… Read the rest

Know What a Living Trust Can Do for You (And What it Can’t Do For You)

The living trust can be a beneficial instrument for general estate planning as well as Medicaid planning purposes. The key is having a knowledgeable attorney to help you take advantage of its benefits and avoid its pitfalls. Contact attorney Elizabeth Perla at (440) 333-2503 today to discuss living trusts or other elder law and Medicaid planning issues.

Long Term Care Planning- Don’t Despair, Prepare!

Why Should I Plan?     

Seventy Percent (70%) of people over age 65 will need long term care during their lifetimes.  However, as the average annual cost of a nursing home room in the Cleveland Metropolitan area is $73,912.50, such care can quickly deplete all of your savings. 

Won’t Medicare Cover my Care?

Medicare doesn’t cover long-term care costs.  Even if a number of criteria are met Medicare only covers the cost of a skilled nursing facility for up to 20 days, with the possibility of an additional 80 days on a co-payment basis.  The average nursing home stay is 2.4 years.

What about Long-TermRead the rest

About the Law Offices of Randall M. Perla

A former Magistrate with the Cuyahoga County Court of Common Pleas, listed in Martindale-Hubbell’s Bar Register of Preeminent Lawyers and AV rated for 15 straight years, Randall M. Perla, joined by his associate Elizabeth L. Perla in 2007, has been providing clients with the highest quality legal representation for over 35 years.… Read the rest