425-296-6271 info@lisaellislaw.com

Long Term Planning

Estate Planning for Disability or Incapacity

No one wants to think about getting old or having memory issues. However, if you or a loved one faces a loss of mental capacity or has had a diagnosis of Alzheimer’s, dementia or other disease that can cause memory loss, it may be time to consider planning for the time when you or the loved one can no longer make financial or health care decisions independently.

We help clients plan for incapacity by preparing durable powers of attorney, wills, trusts, health care advance directives, and mental health advance directives.

Long-term Care Planning

Are you Worried About the Cost of Long-Term Care and How to Pay for It?  You are not alone.

When you or a family member needs long-term care, it can be a life-changing event.  The costs of receiving care in skilled nursing can be very high.  We help clients plan for long-term care through strategies to address future income and health care needs.  We help clients plan on how to pay for nursing care and plan financially for senior couples.  There can be many benefits to long-term care planning such as qualifying for Medicaid and making sure legal documents are in order to keep benefits intact. Proper planning can help families and individuals save real dollars in their estates.

Special Needs Trusts

Wills with Testamentary Special Needs Trusts can provide extra protection for assets and allow people who receive government benefits to retain those benefits while still receiving an inheritance or settlement.  First-party or self-settled Special Needs Trusts are created with assets belonging to the individual with disabilities.  The person must be under 65 years old at the time the trust is established.  Medicaid recovers funds remaining in the trust at the beneficiary’s death for reimbursement before left-over funds can be transferred to anyone else.

Third-party Special Needs trusts are created with assets provided by parents, grandparents or other relatives or friends of the beneficiary.  The beneficiary’s assets cannot be used to create a third-party special needs trust.  This type of trust can be created and funded as an inter-vivos trust or as a testamentary trust.  The third party does not require that residual funds are used to reimburse Medicaid for services provided to the beneficiary.  If there are remaining funds in the trust after death, named beneficiaries may receive those assets.

Pooled special needs trusts involves sub-accounts belonging to many beneficiaries are managed as a single entity with trustees.  Pooled special needs trust can be useful to families with small special needs trusts, since the family can have access to highly experienced trustees at a cost-effective rate.

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40 Lake Bellevue Dr., Ste. 100, Bellevue, WA

phone: (425) 296-6271
info [at] lisaellislaw.com

We know how to navigate for our clients!