When Do You Need an Elder Law Attorney?
By Thomas E. Murphy, Esq.

One of the most valuable gifts a family can give to an elderly or disabled member is to identify when they should consult with an attorney. This is true because such persons (and their families) can benefit greatly from timely legal counsel.

The need for advice first arises when you become concerned regarding the cost of future care, because persons who plan have broader options than those who do not. Asset-transfer planning often (not always) requires acting five years in advance. Converting exposed assets into exempt assets takes time too, especially involving real estate. Families who care for their parent(s) can protect large assets after two years. Every strategy requires analysis of Medicaid consequences, gift taxes, capital gains taxes, and more.

The next triggering event is declining health. Then is the time to obtain VA care pensions and execute Powers of Attorney and Advance Directives (internet forms lack necessary powers). Couples often transfer assets to the healthier spouse, who then executes a Will leaving everything to the children, to avoid losing their estate if the healthy spouse dies first and the ill spouse requires long term care.

Changes in living arrangements also should lead to plans for future care. Parents can pay for alterations to a child's home, purchase a life use in the home (often without Medicaid penalty), and transfer additional assets after two years of living together ("caregiver child" exception).

Lastly, medical crises often necessitate targeted spend-downs, purchases of exempt assets, probate

avoidance, special needs trusts, conservatorships and more. It's never too late to protect some portion of remaining assets, maximize quality of life and streamline succession planning.

Attorney Murphy practices in Danbury, CT and welcomes questions at (203) 748-2793. No advice should be inferred without a consultation.