While preparing early is important, it becomes vital to have a comprehensive estate plan in place as we age. The future is uncertain and being proactive helps you stay prepared and protected. For many seniors, this may mean protecting your assets with a trust and making decisions about your health care or long-term care in case you ever become incapacitated.
At The Heritage Law Center, we’re devoted to helping seniors put a plan in place so they can feel more secure, comfortable, and confident in their futures. As a skilled elder law attorney, Matthew Karr will provide you with trusted and personalized counsel to help you through every step of planning, so you and your assets are protected as you age. If you’re ready to speak with an experienced elder law attorney serving Lexington, reach out to us for help.
Lexington Residents Can Control Distribution of Assets
Estate planning ensures a person’s assets like money, property, and possessions can be passed down according to their wishes. By creating a will or trust, you document your choices on how your assets should be distributed. This allows you to make provisions for your loved ones and feel confident they’ll be taken care of after you’re gone.
Without an estate plan, it’s up to the probate court to use the state’s laws of intestacy to determine how your assets will be distributed. This process may take over a year, and the courts may not make the same decisions that you would if you had done estate planning.
Because of this, it’s essential to make your wishes known with legal documentation ahead of time. An elder law attorney will help you get your assets into the hands of your chosen beneficiaries.
Plan for Long-Term Care with MassHealth
Long-term care costs Lexington residents about $150,000 a year on average. MassHealth Standard offers long-term care coverage to low- and medium-income Lexington seniors who are age 65 or older. There are strict requirements for seniors to qualify, so if your assets or income cross the threshold, you may be disqualified from this program.
Lexington residents must plan ahead to qualify for MassHealth Standard. The five-year look-back period means MassHealth will investigate your bank accounts and financial records for the previous five years at the time of your application. If they find a transfer of assets during this period to a trust or another person, they’ll impose a disqualification period on your eligibility (a length of time you won’t be eligible for MassHealth).
You can find more information in our free MassHealth Planning and Asset Protection Report.
Talking to an elder law attorney early can help you prepare for long-term health care concerns, rather than letting health care needs use up all your assets, so you have nothing to leave your family. Matthew Karr, Esq., can also use his knowledge of the ins and outs of MassHealth to help you with the MassHealth application process, which involves a long application and a lot of complicated rules. Lexington residents need to act early to take action with an elder law attorney to plan ahead for MassHealth coverage.
Documents Senior Lexington Adults Should Prepare
Thinking about incapacitation or death can be difficult. You may have concerns about your family, your health care, and your finances as you age. Preparing the right documentation can help you avoid complications and safeguard your assets, protecting you and your family.
Below are some of the types of documents our elder law attorney can help Lexington adults complete:
- Prepare trusts
- Create wills
- Establish a durable power of attorney
- Set up conservatorships
- Arrange for guardianships
Talk to Our Elder Law Attorney Serving Lexington
Aging can lead to many life changes, and without the right preparation, you may struggle to handle these changes. As a knowledgeable elder law attorney, Matthew Karr can give you the peace of mind you’re looking for.
The Heritage Law Center is here to help. We take a thorough, personalized approach with every client to ensure your plan is best suited to your needs. If you’re ready to talk to an experienced elder law attorney serving Lexington today who is compassionate to your needs, call us at 617-299-6976 or complete our online form below for a consultation.
