Frequently asked questions for elder law attorneys in Pennsylvania

Why do I need an elder law attorney?

Elder law attorneys help clients navigate a myriad of complex issues as they age. They possess the nuanced understanding necessary to safeguard their clients’ interests in these matters. With expertise in Medicaid planning, estate planning, guardianship and long-term care planning, they provide invaluable guidance to families facing these challenges. At Scott Bloom Law, we ensure comprehensive protection and peace of mind for you and your loved ones. Investing in the expertise of an elder law attorney to navigate the complexities of elder care law will provide you with confidence and security.

What is a will?

A will is a legal document outlining how you would like your assets, property and belongings distributed after your death. Wills are administered through probate court to ensure your debts – including taxes – are paid, and your assets are distributed to your beneficiaries according to your wishes. It is possible to make a DIY will, but it is recommended you work with an attorney to write one.

What is a living trust?

A living trust is a legal arrangement where a person (the grantor) transfers ownership of their assets into a trust during their lifetime. This trust essentially holds your (the grantor’s) belongings, such as money, property or investments. While you’re alive, you have the ability to take assets out of the trust and also put them in. The grantor also has the ability to decide who will take ownership of the trust and distribute its contents after they pass away.

What is a power of attorney?

Simply put, a power of attorney, or POA, is a legal document that grants someone else the authority to act on your behalf in various legal, financial or medical matters. The person granting the authority is known as the “principal,” while the individual receiving the authority is referred to as the “agent” or “attorney-in-fact.” There are several different powers of attorney:

• General Power of Attorney
• Limited or Special Power of Attorney
• Durable Power of Attorney
• Medical Power of Attorney

Every situation is different, so it is important to speak with an attorney to decide what is best for you.

What is asset preservation?

Asset preservation is a way to protect your assets from creditors. It is a proactive legal action that protects your assets from future claims, lawsuits, divorces, creditors and judgments. Asset preservation planning involves putting into place a series of legal techniques that can prevent a lawsuit from occurring.  It can help prevent or stop the seizure of your assets in the event of a judgment.

How can I qualify for Medicaid benefits?

Qualifying for Medicaid benefits can be a complex process, but an elder law attorney can assist you in many ways to qualify:

• Restructuring your assets in a way that complies with the strict Medicaid regulations.
• Assist with the extensive paperwork and documentation needed to apply for Medicaid.
• Navigate complex rules, which vary from state to state.
• Advocate on your behalf in appeals if your application is denied or if you encounter any other issues, ensuring you receive the benefits you are entitled to.

How do I plan for my retirement?

• Retirement benefit advice: Understanding the intricacies of 401(k) plans, pensions and social security benefits, and creating plans to maximize them.
• Estate planning: Ensure your assets are distributed to the necessary people after you pass away based on your wishes, minimizing potential family conflicts and other complications.
• Tax planning: Developing tax-efficient strategies that will help preserve your retirement income and wealth preservation goals.

An elder law and estate planning attorney can provide comprehensive guidance and peace of mind when planning for retirement.

What is the cost of long-term care?

According to a 2023 Genworth survey, the average monthly cost for a private nursing home room in Pennsylvania was $11,558, or $138,696 annually. In New Jersey, the average monthly cost for a private room was $12,699, or $152,388 annually. Additionally, for the average American 62-year-old, the annual premium for long-term care insurance is about $3,600, according to the American Association for Long-Term Care Insurance.

Do you need help with wills, trusts, Medicaid planning, retirement planning and more? Contact us now at Scott Bloom Law and schedule your FREE consultation. We want to give you the help you deserve.