-- In a recent interview on World Alzheimer’s Day on September 21, leading estate planning lawyer Michele Ungvarsky, founding partner at Estrada Law in Las Cruces, NM, released some key advice for Medicaid planning that many people are unaware of.
For more information please visit https://www.estradalawpc.com
When asked to comment, Ungvarsky said, "It's no secret that Alzheimer's is a life-changing disease that requires patients will need round-the-clock professional care in a nursing home at some point."
The great news, she said, is that many people are eligible for getting their nursing home expenses covered by Medicaid.
However, many people are unprepared to cover these expenses with Medicaid and other assets when their family members are stricken with advanced dementia or diagnosed with Alzheimer’s.
“The best thing to do is to put together a solid estate plan that includes Medicaid planning before Alzheimer's disease progresses or becomes more advanced.”
One reason that makes this so difficult, according to Ungvarksy, is that many families are in denial when a loved one is at the beginning stages of mental decline.
“However, early planning is vital as the person in question still has the capacity mentally to make financial decisions and to put a robust financial plan in place. This will work toward ensuring that all medical-related and other expenses are covered,” she added.
According to Ungvarsky, if no action is taken and someone is diagnosed with Alzheimer’s, then it’s likely their family will find themselves in guardianship proceedings. This means that the court could ultimately control the transfer of a loved one's assets.
When asked to explain further, she said, “One of the major downsides to this is that the court might make a judgment that runs contrary to the wishes of the person with Alzheimer’s.”
Ungvarsky said that it’s better to be prepared for the worst-case scenario and to secure control of the assets.
"If you're suspicious that your loved one is slipping mentally, then contact an experienced estate planning attorney to put all their financial affairs in order and to create a solid Medicaid plan," she said.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Michele Ungvarsky
Email: Send Email
Organization: Estrada Law, P.C.
Address: 4611 Research Park Cir,
Phone: 5755562462
Website: https://www.estradalawpc.com
Source URL: http://RecommendedExperts.biz
Release ID: 88924165
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