Dallas Elder Law Attorneys

Elder law is an important legal field that specializes in planning for the future of older individuals and their families.

A Dallas elder law attorney can help you establish a plan for aging that safeguards your independence and financial security.

Make sure you feel confident and prepared for what the future holds by speaking with an experienced elder law attorney in Dallas today.

The experienced Dallas elder law attorneys at Shann M. Chaudhry Esq., Attorney at Law, PLLC, can assist you with the planning process. See how our attorneys can help you plan for a comfortable and secure future.

If you possess a significant amount of real property in Dallas, Texas, utilizing a Lady Bird Deed could prove beneficial. This legal document enables the transfer of real property, like land, to a chosen recipient (the remainderman), granting them legal ownership of the property once the deed is signed. However, as the grantor, you will still maintain the right to reside on and/or use the property, lease it, mortgage it, or sell it. It’s worth mentioning that even though the remainderman will take charge of the property upon your demise, you won’t require their consent to exercise these rights during your lifetime.

While many assume that long-term care planning simply refers to health plans like choosing an assisted living facility, this portion of elder law takes future planning a step further. In reality, long-term care can cover all of your future needs that may require financial input. It is essential to be aware of all possible care options and communicate your preferences. This may include:

• Asset Protection 
• Creating Trusts to Fund Care
• Creating Life Estates 
• Disability Planning 
• Reviewing Admissions Contracts and Agreements With Care Facilities

While many assume that long-term care planning simply refers to health plans like choosing an assisted living facility, this portion of elder law takes future planning a step further. In reality, long-term care can cover all of your future needs that may require financial input. It is essential to be aware of all possible care options and communicate your preferences. This may include:

• Asset Protection 
• Creating Trusts to Fund Care
• Creating Life Estates 
• Disability Planning 
• Reviewing Admissions Contracts and Agreements With Care Facilities

Special needs trusts enable individuals with a physical or mental condition to receive income without the risk of losing access to crucial public benefits that go towards their care. There are two types of special needs trusts you can create.

1. Self-Funded Special Needs Trusts

Self-funded special needs trusts hold money that already belongs to a physically or mentally ill beneficiary, without holding the funds in the name of the beneficiary. Rather than the beneficiary creating the trust, self-funded special needs trusts are created by a custodian like a family member or legal guardian.

2. Third-Party-Funded Special Needs Trusts

Parents who have children with disabilities frequently use third-party-funded special needs trusts, which can supplement government benefits and be used for virtually any expenses the beneficiary may have. Please note that, unlike self-funded special needs trusts, third-party-funded special needs trusts must be funded by someone other than the beneficiary, such as a parent or guardian.

People who collect social security benefits or other forms of retirement income may risk becoming disqualified for Medicaid. However, this issue can be prevented by establishing a Qualified Income Trust, also referred to as a Miller Trust.

A Qualified Income Trust will redirect any income above a certain limit from your checking account to the trust account, helping you maintain your Medicaid eligibility in Dallas, Texas while still receiving Social Security benefits.

It can be confusing and intimidating to sort out your finances when seeking Medicaid eligibility. Some people think that giving away or selling assets to reduce their net worth will help them qualify for Medicaid. However, the Medicaid application process in Dallas includes a 60-month lookback period. The state will review all asset transfers made during this period and can temporarily exclude you from the program because of unusually large transfers that aim to bypass the rules.

Despite this, it’s worth noting that transferring or reorganizing your assets may not always be a prerequisite due to benefits planning. This process enables numerous older adults to meet the Medicaid eligibility criteria despite possessing substantial assets in their name.

At Shann M. Chaudhry Esq., Attorney at Law PLLC, we strive to create a holistic legal plan by asking relevant questions that cater to your unique goals, healthcare needs, financial stability, and family circumstances while also preserving your Medicaid eligibility.

A Medicaid asset protection trust (MAPT) can be a viable option for those with assets exceeding the Medicaid threshold. By creating such a trust, the assets placed within it are removed from your individual income and instead attributed to the trust. This effectively excludes them from consideration in the Medicaid eligibility determination process. It’s essential to note that the person who establishes a MAPT cannot be the beneficiary of the trust. Nevertheless, utilizing a MAPT remains an excellent strategy to safeguard assets for your loved ones.