Retirement planning is one of the most important preparations as we age.
For instance, when it comes to property and assets, it is important to understand whether it is more beneficial to keep property in your name or transfer them to your spouse or other relatives.
Many people use transfers as a way of ensuring that they will qualify for Medicare or Medicaid.
Transferring property for the sole purpose of qualifying for benefit programs is governed by rules and regulations.
For example, you may transfer your property with the hope of qualifying for Medicare or Medicaid only to find that you must wait a set amount of time after the transfer to be eligible.
As this area of law is continually under scrutiny it is wise to make an educational and well-informed decision before gifting your assets. Due to the fact that there are various rules governing transfers, it is wise to speak with an attorney who is experienced with elder law before transferring your property.
An experienced elder law attorney will advise you on the most appropriate way of transferring your assets. Your attorney will also inform you of other options that may be available for you and will help you qualify for other long-term care government programs and benefits.
Choose an attorney with whom you can expect to develop a long-term relationship and one who is experienced with elder law, financial issues, Medicare, Medicaid, and long term nursing care planning.