MasonLaw, PC | NC Elder & Special Needs Law Attorney

  • Elder Law
  • Special Needs Law
  • Hot Topics & Info
    • 2018 Medicare Premiums, Coinsurance and Deductibles
    • 2019 Medicare Premiums, Coinsurance and Deductibles
    • 2018-19 NC Medicaid and Special Assistance Rates
    • 2018 Veterans Benefits Rates
    • 2019 Veteran (VA) Benefit Rates
    • NC Nursing Home Medicaid Law Explained
    • 2018 Federal Benefit Rate – Federal Poverty Level
  • About
    • Find Us – Charlotte or Asheboro
    • Who to Call
    • Bob Mason, Attorney
    • Ann Mason, Administrator
    • News / Press
You are here: Home / Medicaid / Round Tuits and Lost Opportunities

November 18, 2018 by bob mason 2 Comments

Round Tuits and Lost Opportunities

It happens several times a year.

The appointment ‘blurb’ in my calendar says, “Cindy Swanson and Cheryl Flinster. To discuss Medicaid and asset protection for Cheryl and Ron Flinster. Cindy is their daughter and Ron is in rehab.”

Two days before the appointment we receive an email. “Sorry, need to cancel. Mom is not feeling well and Dad is not improving. In fact, he may not live more than a few months.”

Six weeks later we read Ron’s obituary. Two weeks later Cindy reschedules an appointment for her mother and her to “regroup now that Dad has passed.”

Cheryl tells me that she is very concerned about protecting the house and a tract of land, as well as about $150,000 “in case I need to go into a nursing home like Ron.” Cheryl also tells me she is not in good health.

Because I’m a nice guy, I don’t have the heart to tell them that had they come in before Ron passed we could have pursued a strategy that would have protected everything they owned and Cheryl wouldn’t be sitting there worrying about “protecting everything.”

You see, the Medicaid rules are structured such that it is MUCH easier for a married couple to undertake asset protection planning than for a single person (for example, a widow).

It doesn’t mean the single person is out of luck, but it does mean he or she doesn’t have as many options as a married couple.

Of course, I feel for Cheryl. She simply didn’t know. But now YOU do.

It is tempting to treat a lawyer (and a dentist) as a “round tuit.” Human nature, I guess. But RESIST the urge. Time is your friend if you use it wisely.

Have a great Thanksgiving.

PS  We’re seeing clients in BOTH Charlotte and Asheboro (hint, hint).

Print Friendly

Filed Under: Medicaid, Reader Favorites, Uncategorized

Comments

  1. W. S. Porter says

    November 27, 2018 at 9:21 AM

    Would having everything in a joint trust, prior to either passing, be the best way to protect everything?

    Reply
    • bob mason says

      November 27, 2018 at 10:42 AM

      Well . . . it depends. I use both depending on the facts. I do have a technique I’ve developed that starts off with revocable trusts (either joint or separate) and then protects EVERYTHING immediately upon the death of the first spouse. It needs to be “wired up” correctly, though, and rarely do folks show up in my conference room with it correctly done. The point of my post is that there are more planning opportunities for married couples than for single folks.

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Now Serving Charlotte

704.276.6446

Also the Triad from Asheboro

336.610.6000

Find Us

Receive A Free NC Medicaid Nursing Home Rules Booklet

Mason Law Booklet Offer

Great tips from an expert!

Get A Free Booklet

Skip The Book, Newsletter Signup Only!

Signup here for the slickest Elder and Special Needs Law newsletter around!

About Bob Mason

Bob Mason, Elder Law & Special Needs LawRobert A. Mason, JD, CELA, CAP, is owner of Mason Law, PC, of Charlotte and Asheboro, North Carolina, a law firm devoted exclusively to legal issues involving the elderly and the disabled. Read More >>

Browse Articles Here!

Or Search On A Topic

News

Mason Named Chair of NC Board of Legal Specialization

Asheville, NC – July 28, 2017: The North Carolina … [Read More...]

Mason one of two N.C. elder law attorneys named to Super Lawyers

ASHEBORO, NC — Jan. 27, 2017: Elder law and … [Read More...]

Reader Favorites

Avoid This Costly Medicaid Mistake

Avoid This Costly Medicaid Mistake

Question: Do you know someone who MIGHT have to consider a nursing home … [Read More...]

Tackling the North Carolina Medicaid Application Monster

Tackling the North Carolina Medicaid Application Monster

Once a fairly routine procedure, applying for nursing home Medicaid has … [Read More...]

Round Tuits and Lost Opportunities

Round Tuits and Lost Opportunities

It happens several times a year. The appointment ‘blurb’ in my calendar … [Read More...]

  • New VA Regulations Explained
  • The Long Ignored Nursing Home Financing Mess
  • Protect Your Social Security Check From Creditors

© 2019 MasonLaw, PC | NC Elder & Special Needs Law Attorney · Rainmaker Platform