PROACTIVE PLANNING

The Elder Law attorneys at the Davidson Law Group know
the best strategies for keeping your assets and family safe
through Proactive Planning.

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When it comes to planning for the unavoidable consequences of aging, we recommend that our clients begin the process far enough in advance that they are able to avert some of the devastating issues that come later in life, specifically the current crisis of long-term healthcare and nursing home expenses. While we do encourage all of our clients to obtain long-term care insurance, many times this is just not a possibility for various reasons including previous health conditions and age, and even if a client does have long-term care insurance, it is often not sufficient to cover the ever-increasing cost of long-term healthcare. Fortunately, Proactive Elder Law Planning is not affected by these factors, and for most clients, it can help protect all of their assets while providing a dignified lifestyle throughout the duration of necessary long-term care.

PROACTIVE PLANNING

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When it comes to planning for the unavoidable consequences of aging, we recommend that our clients begin the process far enough in advance that they are able to avert some of the devastating issues that come later in life, specifically the current crisis of long-term healthcare and nursing home expenses. While we do encourage all of our clients to obtain long-term care insurance, many times this is just not a possibility for various reasons including previous health conditions and age, and even if a client does have long-term care insurance, it is often not sufficient to cover the ever-increasing cost of long-term healthcare. Fortunately, Proactive Elder Law Planning is not affected by these factors, and for most clients, it can help protect all of their assets while providing a dignified lifestyle throughout the duration of necessary long-term care.

Protect Your Family With Elder Law Planning

The sooner you begin Proactive Elder Law Planning, the sooner your estate and assets will have protection from pricey nursing home costs, spend down of wealth, and Medicaid liens. It is extremely urgent that you begin working on your plan because there is a five year waiting period for the plan to be fully in effect. These plans are very unique in that you can maintain control over your assets and finances while simultaneously guarding them from the government, creditors, and Medicaid. We have seen too many families basically impoverished by failing to plan for long-term care, and particularly if your children rely on your property or your home, you don’t want these assets to be liquidated because you don’t have a plan for how to pay for a skilled nursing facility or other form of long-term healthcare. These plans are especially important for families who have real estate like a family farm or ranch because without a proper plan in place, Medicaid can put a lien on real estate and eventually take it from your family, but with a well-implemented Elder Law Plan, you can ensure that the legacy of family real estate stays in the family for generations in the future.

Trusts as Tools in Proactive Planning |

When we are developing a Proactive Elder Law Plan, we look at your circumstances in a comprehensive manner, taking into account your family situation, your current income streams, your assets, your age, and your current health condition. Depending on the answers to these questions, we will take different approaches to a plan, but the most common tools used in Proactive Planning are Trusts. The best way to think of Trust is like an empty bucket in which you place all of your assets. You will identify the assets you want to place into the bucket, appoint a Trustee who will manage and safeguard the bucket, and designate lifetime beneficiaries of the bucket. There is a very specific and complicated process for completing a proper Trust within Elder Law Planning, and the Davidson Law Group can guide you through every step of the way to ensure it is done in compliance with the law so you receive the full protection of the bucket.


In the past, Attorneys have advised their clients that the best Proactive Elder Law Plan is to gift away all of their assets to family or friends, but this approach does not offer any of the creditor protection, tax advantages, or control over assets that our Trust-based Proactive Planning can provide.

CONTACT THE ELDER LAW ATTORNEYS AT DAVIDSON LAW GROUP

If you or a loved one are worried about long-term healthcare costs in the future, please contact our office for a free consultation so we can begin Proactive Elder Law Planning and help you protect your Texas Legacy.