Austin Elder Law Attorney

Planning for security in your golden years

As you age, your quality of life or ability to access the care you need shouldn’t come at the cost of selling your home or emptying your savings account. With an Austin elder law attorney by your side, it doesn’t have to.

The cost of nursing homes, living facilities, and at-home care is rising. If you’re feeling uncertain about the future, we’re here to help you understand your options.

At the law firm of Shann M. Chaudhry Esq., Attorney at Law, PLLC, we work with clients to plan for the financial and legal shifts that aging may bring. Reflecting on the future can sometimes feel intimidating, but our compassionate attorneys are dedicated to helping you navigate this stage of your life with grace, confidence, and dignity.

What Is Elder Law?

Elder Law is a fast-growing area of legal practice that focuses on legal concerns specific to older adults. By working with an Austin elder law attorney, you can establish a plan for aging that preserves your financial reserves and protects your autonomy.

Feel more prepared for what the future may hold. Consult with an Austin elder law attorney today.

Long-Term Care Planning

Long-term care planning can involve health care decisions such as choosing an assisted living facility—but it’s more than that. To support your long-term care needs, it’s important to fully weigh your options for affording care and ensuring your wishes are known. This may include steps such as:

Creating trusts to fund care

Creating life estates

Disability planning

Reviewing admissions contracts and agreements with care facilities

Proactively addressing long-term care planning also offers the benefit of minimizing the number of last-minute decisions your loved ones may need to make in the event that you develop new or worsening health conditions. Discussing these issues openly now is better than leaving your family to sort them out under the pressure of an emotional or financial crisis. It also limits the financial challenges that arise from the need to pay for specialized health care.

Medicaid Planning

Medicaid planning involves restructuring finances to help ensure Medicaid eligibility.

Strong earners often assume that giving away or selling assets is helpful to qualify for Medicaid. However, this isn’t always the best course of action. In Austin, Texas, the Medicaid application process includes a 60-month lookback period. During this time, the state looks at all recent asset transfers. Unplanned and large transfers could temporarily disqualify you from the program.

Strong earners often assume that giving away or selling assets is helpful to qualify for Medicaid. However, this isn’t always the best course of action. In Austin, Texas, the Medicaid application process includes a 60-month lookback period. During this time, the state looks at all recent asset transfers. Unplanned and large transfers could temporarily disqualify you from the program.

Furthermore, these transfers might be unnecessary altogether. For many older adults, benefits planning makes it possible to qualify for Medicaid, even if you or your spouse still own your family home.

At the law firm of Shann M. Chaudhry Esq., Attorney at Law PLLC, we ask questions to create a complete legal plan that both preserves your eligibility for Medicaid and accounts for your goals, health needs, financial well being, and family situation. Contact us to start planning for your future today.

Are your assets greater than the threshold to qualify for Medicaid? A Medicaid asset protection trust (MAPT) may be an option for you. These trusts are useful when it comes to applying for Medicaid because the assets placed within them aren’t considered your individual income. Instead, they belong to the trust itself.

It’s worth noting that the person who creates a MAPT can’t be the beneficiary. Still, these trusts are valuable tools to preserve assets for your family members and loved ones.

Qualified Income Trusts 

Deed Retaining Enhanced Life Estate

If you own a significant amount of real property in Austin, Texas, an enhanced life estate deed, or Lady Bird Deed, could be useful in your estate planning process.

A Lady Bird Deed allows you (the grantor) to transfer real property, such as land, to another person (the remainderman). Once the deed is signed, the remainderman will legally own the property. However, you’ll retain the rights to:

Live on/use the property

Lease the property

Mortgage the property

Sell the property

While the remainderman will retain control of the property when you pass away, you will not need their permission to do these things during your lifetime.

Consult an Experienced Austin Elder Law Attorney

At the law firm of Shann M. Chaudhry Esq., Attorney at Law PLLC, compassion is our culture.

We treat every client with understanding and respect. From start to finish, we walk you through the entire benefits planning process in simple, easy-to-understand steps. Our goal is to assist you in making informed decisions about your health care, legal and financial plan.

If you or a loved one needs elder law services in Austin, Texas, please contact us today. Our experienced elder law attorneys would love to answer your questions and walk you through all stages of planning for retirement and beyond.