We Help Middle-Class Families With Asset Protection in Harrisburg
At Keystone Elder Law P.C., our Harrisburg middle-class asset protection attorneys are skilled, reliable advocates for our clients. Our law firm is devoted to shielding middle-class people from the financial risk that comes with getting older. If you are part of a middle-class family with any questions about asset protection, we are here to help. Contact us today to set up a confidential consultation with a top-tier Harrisburg estate planning lawyer.
Middle-Class Families in Harrisburg Need to Protect Their Assets
There is a common misconception that asset preservation is only important for the very wealthy. In reality, many middle-class families in Harrisburg face serious risks to their life savings. A comprehensive asset protection strategy is a must. You need to safeguard your hard-earned life savings so that you can provide for yourself in later years and leave a legacy for your loved ones.
Long-Term Care Costs are the Primary Threat the Assets of a Middle-Class Family
Long-term care is almost unfathomably expensive—and the costs continue to rise. It is the primary threat to the assets of middle-class families. An unexpected need for long-term care can rapidly deplete savings and assets—jeopardizing your family’s security and denying you the opportunity to leave something for future generations.
Our Harrisburg, PA asset protection lawyers excel in navigating these complex challenges. We provide tailored solutions such as long-term care insurance planning, Medicaid planning, and legal structures to shield your assets. With our guidance, middle-class families in Harrisburg can put the best possible structure in place to protect their assets.
We Help Harrisburg Families Prepare for Other Asset Threats (Taxes, Creditor Claims, etc)
Middle-class families face other threats to their assets as well. Beyond long-term care costs, issues like tax, creditor claims, and other legal liabilities could all pose a risk to your assets. Our comprehensive asset protection services extend to these areas as well. We offer expert advice on tax optimization strategies, estate planning, trust planning, and more to ensure that middle-class families in Harrisburg are in the best possible position to preserve their hard-earned wealth.
Why Middle-Class Families Trust Keystone Elder Law for Asset Protection
For middle-class families, the estate planning process can be especially challenging. You do not have to figure out everything alone. At Keystone Elder Law P.C., we are a law firm that puts the asset protection needs of middle-class families in Pennsylvania first. When you reach out to us, you will have an opportunity to work with a Harrisburg estate planning attorney who can:
- Conduct a comprehensive and confidential review and evaluation of your case;
- Investigate your situation—gathering and organizing financial documents and records; and
- Develop a customized strategy that most effectively protects your family’s assets.
Contact Our Harrisburg Asset Protection Attorney for Middle-Class Families Today
At Keystone Elder Law P.C., our Harrisburg estate planning lawyers have extensive experience providing asset protection services to middle-class families. Have questions about asset protection? We can help. Contact us today to arrange your strictly confidential case review. We provide asset protection support to middle-class families in Harrisburg and throughout Dauphin County.
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REGISTER HERE for LONG-TERM CARE PLANNINGPower of Attorney
A Power of Attorney can be used to give another person the right to sell a car, home, or other property in the place of the maker of the Power of Attorney. A Power of Attorney might be used to allow another person to sign a contract for the maker of the Power of Attorney (the person who makes a power of attorney is called the “principal”). It can be used to give another person the authority to make health care decisions, do financial transactions, or sign legal documents that the principal cannot do for one reason or another. With few exceptions, Powers of Attorney can give others the right to do any legal acts that the makers of the Powers of Attorney could do them themselves. A General Power of Attorney gives the “power of attorney Agent” or simply “Agent” (the legal name of the person who is authorized to act for the principal) very broad powers to do almost every legal act that the principal can do. When Elder Law Attorneys draft general Powers of Attorney, they still list the types of things the Agent can do but these powers are very broad. People often do general Powers of Attorney to plan ahead for the day when they may not be able to take care of things themselves. By doing the General Power of Attorney, they designate someone who can do these things for them.
Normal Powers of Attorney terminate if and when the principal becomes incompetent. Yet many people do Powers of Attorney for the sole purpose of designating someone else to act for them if they cannot act for themselves. It is precisely when persons can no longer do for themselves that a Power of Attorney is most valuable. To remedy this inconsistency, the law created a Durable Power of Attorney that remains effective even if a person becomes incompetent. The only thing that distinguishes a Durable Power of Attorney from a regular Power of Attorney is special wording that states that the power survives the principal’s incapacity. Even a Durable Power of Attorney, however, may be terminated under certain circumstances if court proceedings are filed. Most Powers of Attorney done today are durable.
Yes. At the time the Power of Attorney is signed, the principal must be capable of understanding the document. Although a Power of Attorney is still valid if and when a person becomes incompetent, the principal must understand what he or she is signing at the moment of execution. That means a person can be suffering from dementia or Alzheimer’s Disease or be otherwise incompetent sometimes but as long as they have a lucid moment and are competent at the moment they sign the Power of Attorney, it is valid even if they do not remember signing it at a later date. At the time it is signed, the principal must know what the Power of Attorney does, whom they are giving the Power of Attorney to, and what property may be affected by the Power of Attorney.
Any competent person eighteen years of age and older can serve as an agent. Certain financial institutions can also serve. There is no course of education that agent must complete or any test that Agent must pass. Because a Power of Attorney is such a potentially powerful document, agents should be chosen for reliability and trustworthiness. In the wrong hands, a Power of Attorney can be a license to steal. It can be a big responsibility to serve as an agent.
For Medicaid
Medicare is health insurance and covers medical services such as physician appointments, therapy, blood tests, x rays, medical procedures and hospitalization. Medicare will sometime pay for rehabilitation in a long-term care facility for a period of 20 to 100 days, but not longer. In long-term care, Medicaid covers the cost of ongoing support services for daily functioning, such as room and board in a nursing home.
Medicaid is a federal program that is overseen by the Center for Medicare and Medicaid Services (CMS). In Pennsylvania, Medicaid is called Medical Assistance and is administered by the Department of Human Services (DHS).
In Pennsylvania, Medicaid funds are not available to pay for assisted living or personal care.
For Medicaid to pay for care in a nursing home, an individual recipient must be determined to need a nursing home level of care by a physician and the local Office of Aging. An individual whose income is not greater than three times the poverty level may keep up to $8,000 of total resources, but may otherwise keep only $2,400. The cash value of life insurance counts as a resource, but one car and a residential home does not count as a resource.
What an amazing team you have!!! Taking charge and getting things done, but also being so understanding and compassionate
Empowering Clients with Holistic Planning at
Keystone Elder Law
At Keystone Elder Law, we believe that the physical, social, legal, and financial considerations of our clients all intertwine. We utilize an interdisciplinary approach to evaluate each area, which allows for the creation of a plan that addresses the concerns of the individual as a whole as well as the family. To this end, our model of practice includes a Care Coordinator (usually a nurse or social worker), whose expertise complements our team of attorneys.
When the road of life is smooth, decisions about legal and financial matters are easy to push aside for “a rainy day.” Planning ahead, however, will allow for more options as you view the map of where you’ve been and where you want to go. Don’t let a crisis limit your choices or derail your plans.
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