Estate Planning & Elder Law
Estate Planning & Elder Law
With the increasingly high costs of long-term care in the state of Arkansas, proper planning is essential to ensure that you or your loved one will receive good quality care without draining your nest egg to nil. Our firm serves clients in all stages of long-term care planning, from those in need of immediate long-term care to those wishing to develop an enhanced estate plan that will withstand future nursing home expenses.
Emergency Long-Term Care Planning
The future is unpredictable. When health concerns arise that you are not prepared for, our firm can help you develop a plan. Our elder law attorneys approach emergency long-term care planning with two goals in mind:
- To preserve as many family assets as possible; and
- To reduce the stress involved in emergency long-term care planning.
The Arkansas Medicaid Program presents limitations on income and assets for individuals seeking to apply for full or partial government benefits. Many believe that, if the value of their estate exceeds these limitations, they must privately pay their nursing home bills until all of their assets have been liquidated and spent down. However, this is a common misconception. Before you privately pay for long-term care, discuss your current situation with one of our elder law attorneys. We advise clients on the legal approaches available for preserving and re-allocating an individual’s assets to achieve eligibility for government benefits.
Our attorneys understand the value of your life savings and the importance of preserving your legacy for future generations. To the surprise of most, a will or even most trusts will not protect your life savings from nursing homes or Medicaid liens. However, with properly-timed planning, our attorneys can ensure that your estate is protected from the expenses associated with long-term care and ultimately passed on to your loved ones according to your wishes.
Whether the situation is simple or more complex, a carefully guided estate plan serves to protect your legacy while preserving family harmony, easing administrative hassles, and reducing any taxes, fees, or other costs. Our estate planning attorneys have the necessary combination of knowledge and experience to craft this type of plan for you and your family.
Many individuals feel that they do not have an “estate” to plan. However, that is more often than not incorrect. Virtually all individuals and families need an estate plan, although some may have a heightened need for such planning, particularly those with a higher net worth, in a high-risk profession, or who own a business, live in a blended family, have loved ones with special needs, have minor children, or have a significant charitable intent.
Our firm believes in a comprehensive approach to estate planning, taking into account every aspect of the client’s life. We have experience with not only drafting basic estate planning documents, such as wills, trusts, and powers of attorney, but also with asset protection planning, business succession planning, planning for individuals with special needs, and long-term care planning.
If you have an existing estate plan, you should consider having it reviewed and updated every three years, or in the event of any of the following:
- Change in marital status;
- Birth of child;
- Change in state of residence;
- Significant change in the value or character of your assets;
- Change in intended beneficiaries;
- Death of a beneficiary;
- Death of a guardian, trustee, or personal representative; or
- A change in the tax laws affecting federal estate tax deductions and calculations.
Looking for a Consultation?
We would appreciate the opportunity to help you with your legal matter. Please fill out this contact form or call our office at the number below to set up your consultation with one of your experienced attorneys.