Elder Law Attorneys In Amherst, Lynchburg, And Nelson
Worried About Paying For Nursing Home Care? We Can Help You Plan For It.
Many people worry that by putting a loved one into long-term care, they will deplete their lifetime assets. This does not have to be the case.
At Shrader & Goad in Amherst, Virginia, we assist clients throughout Central Virginia, including married adults and adult children of elderly people, with preparing for the personal and financial challenges of old age using the legal tools provided by estate planning:
- Medicaid planning/nursing home planning. Many people are justifiably afraid of losing their assets to pay Medicaid reimbursements for nursing home care. We can help you to maximize the power of your assets so you can remain independent of government medical assistance, or conversely, to preserve your assets to the degree possible while retaining your eligibility for government medical programs.
- Guardianships and conservatorships. Guardians are legal agents who are responsible for a person’s physical and financial well-being and are empowered to make important decisions on that person’s behalf. We help clients establish themselves as legal guardians for elderly or incapacitated spouses, parents, and adult children. We also assist clients in establishing conservatorships, which grant decision-making authority to chosen conservators in financial matters only.
- Special needs trusts. These specialized trusts enable individuals to preserve and protect money for the benefit of disabled or incapacitated children or spouses. We have years of experience in creating these trusts for our clients, and can structure your special needs trust so that it will not interfere with your loved ones’ eligibility for Medicaid benefits or other government benefits programs.
- Business succession planning. We can help you to establish a business trust or to transform a family business into a limited liability company (LLC), a limited liability partnership (LLP) or other business vehicle — all with the goal of preserving the viability of your business while protecting your personal property from business liabilities.
- Tax planning. We can help protect your estate from unnecessary taxation during probate by restructuring your asset portfolio while you are alive. Our attorneys are experienced in these matters and can advise you in matters of state, federal, personal, and corporate tax planning.
- Asset protection. Using deeds of gift and other legal vehicles, we can help you to transfer assets, including personal property and real estate, to trusted others of your choosing. In so doing, you may be able to protect those assets from being liquidated to pay taxes or reimburse Medicaid.
Experienced Legal Help In Elder Emergencies
Our lawyers frequently help clients who have become ill suddenly and need emergency help to prepare for long-term nursing care. We also assist clients whose loved ones died or became incapacitated suddenly, without providing a will or much other estate planning groundwork.