In May 2012, Ohio’s version of the Uniform Power of Attorney Act became effective, which made many older financial power of attorney forms ineffective.
A Financial Power of Attorney gives an individual of your choice the authority to make financial decisions and perform financial transactions on your behalf.
Without an effective Financial Power of Attorney in place, should you become incompetent, a loved one would have apply to become a court appointed guardian to assist you with your finances. The court process to be appointed guardian generally takes a minimum of a month and a half and … Read the rest
Cleveland Elder law Attorney Elizabeth L. Perla of the Perla Law Firm is offering free legal consultations on Tuesday, December 6th from 2 to 4:30 pm. Appointments will be scheduled every 15 minutes, with any remaining slots available for walk-ins. Ms. Perla is an elder law attorney practicing in estate planning, including Wills and Trusts, Medicaid and Veteran’s Benefits planning, advanced directives, guardianships, and estate administration. She is also well versed in family law matters. The sign-up sheet will be available at the front desk.… Read the rest
Long term care Medicaid coverage has rigid income and resource eligibility requirements as I’ve covered in previous posts like How to Qualify for Medicaid Coverage for Long Term Care.
One exempt asset is a life insurance policy with a cash value less than $1,500. However, for many people facing long term care costs and potential Medicaid applications, the question becomes what to do with life insurance policies with cash values above the exempt amount of $1,500. If you simply cash it in and spend the money, you may be losing a great deal of financial benefit for your beneficiaries. If the cash… Read the rest
Cleveland Medicaid Planning Lawyer Elizabeth L. Perla will host a lunch & learn at North Olmsted Senior Center on Wednesday, February 10, 2016. The program will educate seniors on basic estate planning and Medicaid planning and will touch on the differences between Medicare and Medicaid, Community Medicaid and Institutional Medicaid and Medicaid Waiver Programs like Passport and the Assisted Living Waiver Program. It will also address Medicaid eligibility and planning opportunities. For more information on the program, seniors can contact the North Olmsted Senior Center. … Read the rest
Long term care is expensive. A nursing home or assisted living facility can easily cost between $5,000 and $10,000 a month. Medicaid is a government health care program that will cover the cost of long term care when you meet certain income and asset requirements. Under current rules, an individual can have no more than $1,500 in countable assets and a healthy spouse can keep up to half her baseline countable assets up to $119,220.
The goal of Medicaid planning is to preserve assets, either for yourself, your spouse, your children or other loved ones. The law is constantly changing and with it, Medicaid… Read the rest