Elder Law/ Medicaid

Today’s maturing baby boomers are concerned about Medicaid and skyrocketing insurance costs.  Nursing home expenses can consume a lifetime of savings in a short period of time.  This problem affects people across the income spectrum– both high-net worth individuals and those with smaller nest eggs.  To plan for eventual medical expenses, clients need someone well-versed in the legal, accounting, and financial planning issues that inevitably arise. 

“Having worked a lifetime, elderly clients are afraid that medical expenses may eat-up everything they’ve saved over 50 or 60 years.  My clients are very interested in trying to do some planning that can minimize the impact medical expenses will have on their legacy to their heirs,” Bill explains.  “Although Medicaid laws have recently changed, it’s still possible for clients to plan for the future by gifting assets to a family trust or to their children or use other techniques to avoid having medical expenses deplete their estate.”


Special Needs Family Members

You’ve worked tirelessly to ensure your family member with special needs is adequately and comfortably provided for.  But what happens when you’re gone?  First, ensure that you nominate someone to take care of the person on a day-to-day basis (“guardian”).  There are generally three ways of handling the money: 1) leave it outright to the child whose guardian will manage it; 2) designate a money manager called a “conservator”; 3) establish a Trust to handle all financial matters.  When effectively established, a Trust can hold money for the benefit of other children or relatives to preserve the special needs individual’s eligibility for government assistance.

Bill Hesch, who is also a volunteer advisor for Redwood Rehabilitation Center, works with clients to ensure their special needs children are provided for into adulthood.  He can assist in guardianship issues, setting up Trusts for special needs individuals, and assisting clients with government benefits issues.