Frequently Asked Questions

If you have a question that is not answered below, please do not hesitate to call us at the number in the left column to schedule an appointment.

Q: What are Medicare and Medicaid?

A: Medicare is a federal program that provides individuals over the age of 65 or persons with a disability with low-cost health insurance coverage. This program does not typically cover the cost of long term care in a nursing home. Medical Assistance (shortened to Medicaid), however, is a federal program administered by each state that is designed to give low-income Americans medical and long-term care assistance. To receive Medicaid assistance, you must meet certain asset and income limits and asset transfer requirements.

Q: Should I have a Power of Attorney?

A: Most likely, yes. A Power of Attorney allows an appointed agent the power to exercise certain rights that are designated in the written Power of Attorney. It is a very powerful document so it is essential that you choose your agent wisely. If you do not have a Power of Attorney and you become unable to execute any legal documents, in order for your signature to be legal, someone must appointed to legally sign your name. Typically that is done by a court proceeding appointing a guardian of property.

Q: What is the difference between guardian of property and guardian of person?

A: The guardian of property manages all assets and finances of an individual who has been deemed unable to make or communicate responsible decisions regarding his or her property. He or she is required to file an initial inventory within sixty (60) days of being appointed. An annual fiduciary report is due from the anniversary of that inventory and continues to be due from the guardian of the property until the guardianship is terminated. A guardian of the person makes medical and residence/placement decisions for an individual who is disabled and unable to make responsible decisions. That person is required to file an annual report on the condition and care of the disabled person.

Q: Should I add my children to my house and bank accounts?

A: The majority of the time the answer to this is “no.” There are multiple reasons not to do this. Often folks do it because they think a jointly owned asset is not available to pay for nursing home care. That is incorrect. There is a presumption that the nursing home resident contributed to the full value of the asset. If a child or joint owner can present evidence to show that he or she contributed, then that presumption can be proven to be incorrect. In addition, jointly owning assets with children puts those assets at risk if the child is sued, gets divorced, or files bankruptcy.