Estate Planning & Elder Law

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.

Forward-Looking Planning

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.

Elder Law Planning Strategies: Protecting Your Assets and Ensuring Your Care

Elder law planning is about more than just ensuring care for the future, it’s also about preserving your hard-earned assets and protecting your family’s financial future. At Miller, Butler, Schneider, Pawlik & Rozzell, PLLC, we use a variety of legal strategies to help you safeguard your wealth while getting you the best possible care.

Asset Protection Trusts: An asset protection trust is designed to shield your property and savings from being depleted by long-term care costs. By placing assets in a properly structured trust, you can retain control while keeping them safe from creditors, lawsuits, and even nursing home expenses.

Medicaid Planning: Medicaid covers long-term care costs, but to qualify, you must meet strict income and asset limits. Medicaid planning helps reorganize your finances so you can qualify for these benefits without spending down all of your assets.

Long-Term Care Insurance: Purchasing long-term care insurance can help cover the costs of assisted living, nursing homes, or in-home care. It’s a proactive strategy to reduce out-of-pocket expenses while protecting your assets for the future.

Guardianship and Powers of Attorney: If you become incapacitated and can no longer make decisions for yourself, having a power of attorney or guardianship in place allows a trusted family member to manage your affairs. This helps ensure that your healthcare and financial decisions align with your wishes.

Estate Planning

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.

Estate Planning Benefits: Why You Should Start Now

Estate planning is not just for the wealthy or elderly. At Miller, Butler, Schneider, Pawlik & Rozzell, PLLC, we believe that it’s never too early to start planning so you can:

Avoiding Probate: One of the biggest benefits of estate planning is that it helps your loved ones avoid the long and costly process of probate. Probate is the legal process of distributing a deceased person’s assets, and it can take months or even years to complete. With the right estate plan, you can minimize or completely avoid probate.

Minimizing Estate Taxes: A well-crafted estate plan can reduce the taxes your beneficiaries will need to pay, ensuring that they receive more of your estate. This is particularly important for individuals with significant assets or property.

Protecting Your Family Estate: planning allows you to provide for your family after you’re gone. You can specify how your assets will be distributed, name guardians for minor children, and ensure that family members with special needs are taken care of.

Planning for Incapacity: An estate plan includes more than just instructions for distributing your assets—it can also address what happens if you become incapacitated. With healthcare directives and financial powers of attorney, you can designate trusted individuals to make decisions on your behalf.

Peace of Mind: Perhaps the most significant benefit of estate planning is peace of mind. Knowing that your affairs are in order allows you to focus on enjoying life, rather than worrying about the future.

Plan for Tomorrow Today With Miller, Butler, Schneider, Pawlik & Rozzell, PLLC

If you have more questions about estate planning or elder law, contact Miller, Butler, Schneider, Pawlik & Rozzell, PLLC today. Our experienced attorneys in Rogers, AR, are here to guide you through every step, ensuring that you and your family are protected. Schedule a consultation and start planning for your family today.

Estate Planning and Elder Law FAQs

What Is the Purpose of a Will?

A will ensures your property is distributed according to your wishes after you pass. It also allows you to name guardians for minor children. Without a will, your property might not go to the intended beneficiaries, which could lead to lengthy probate disputes.

Do I Need a Lawyer to Create a Will?

While DIY options exist, a lawyer ensures your will is legally sound and reduces the risk of disputes after your passing. Don’t leave your family’s future at risk.

What Is a Trust, and How Is It Different from a Will?

A trust lets you manage assets during your lifetime and pass them on after death without going through probate. A will outlines who gets what but goes through probate. A trust allows for gradual disbursement of funds to children, avoiding the delays of probate.

How Can I Protect My Assets from Nursing Home Costs?

By creating a Medicaid-eligible trust or transferring assets, you can protect your estate while qualifying for Medicaid benefits. We can help set up a trust to protect your home while still qualifying for Medicaid to cover nursing home care.

When Should I Start Estate Planning?

It’s never too early to start planning, especially after major life events like buying a home or having children. For instance, if you’ve recently bought a house or had a baby, it’s time to start your estate plan to protect your family’s future.

Can a Will Be Contested?

Yes, a will can be contested if someone believes it was made under undue influence or contains errors. If a family member feels they were unfairly excluded, they could contest the will in court, leading to lengthy delays.

What Is a Power of Attorney?

A power of attorney gives someone else the legal authority to make financial or healthcare decisions on your behalf.

Attorneys:

Steve Butler
Maggie Geren

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.

(479) 621.0006

Rogers Office Line