Elder Law Attorney in Albuquerque
Set Up Power of Attorney
A power of attorney allows you to choose a substitute decision-maker or agent. The document authorizes the agent to act on your behalf for a variety of activities including selling property and filing taxes. It is possible to limit the scope of this power by limiting certain powers or by specifying that a particular action is only permissible under a specified circumstance.
You may also include a clause that requires your agent to report any actions they take on your behalf to another party. This can help prevent costly financial mistakes or family conflicts by requiring your agent to consult others before acting on your behalf. We understand that you are facing unique legal challenges at an important time in your life, and at PBWS Law, we provide quality representation with sensitivity and compassion.
Set up a Trust for Dependents
Many people set up trusts for their children to ensure that their children are financially cared for after they die. They may also be worried that their child or beneficiaries won’t be able to handle large sums of money all at once.
A carefully-structured trust can even prevent the beneficiary’s creditors from accessing funds in the trust. This can be particularly useful for young adult children who might lack knowledge on how to use their inheritance.
Depending on the situation, we can help you decide whether or not to appoint a guardian as trustee of your trust and if so, what access they will have to the assets in the trust. We can also make sure that the trust is designed to avoid probate, which can be costly and time-consuming.
Create a Will
A Will is a legal document that enables an individual to make a plan for the disbursement of their estate upon death. It also allows them to name a person or persons to manage the estate until it can be distributed, and is a great way to name guardians for children and make decisions about how their property should be handled. A Will can help to avoid probate, which can be a time-consuming process if there is no estate planning.
PBWS Law in Albuquerque can assist you in creating a will, ensuring it is legally sound and meets all the requirements to be valid in New Mexico. We can also review your existing documents to ensure they meet the necessary requirements. We can even create a living will for you, which is effective in the event of incapacitation and sets out medical treatment instructions.
Planning and Qualifying for Medicaid
Medicaid is a federal and state health care program that pays for the medical expenses of seniors who can’t afford them. It also helps with long-term care costs such as home health aides and nursing homes.
Medicaid planning is a complex process that requires sophisticated financial knowledge and legal expertise. Our attorneys and specialists in this field can help you structure your assets, prepare documentation, and convert countable assets into exempt assets to ensure eligibility. They can also minimize the impact of estate recovery and spousal impoverishment rules.
Our Medicaid planning professional can help you avoid costly mistakes that may result in penalties and disqualification from the program. We can also help you plan ahead by executing a Medicaid trust or creating an immediate annuity for the non-applicant spouse to protect their inheritance.
Get Peace of Mind by Planning Long-Term Care
At PBWS Law, we can provide you with overall peace of mind by planning your long-term care. This is done by creating various plans that help you qualify for long-term care services while protecting your assets and resources. We can also prepare an advance health care directive, or living will. These documents outline an individual’s medical treatment preferences and can help avoid conflict among family members during a crisis or illness. Having this document in place will ensure that your care and your wishes are respected while providing your loved ones clarity on what to do if you are unable to communicate.
Protect yourself and your assets with one of our experienced elder law attorneys in Albuquerque. We can help you create a plan for long-term success and ensure your desires are fulfilled. Give us a call at (505) 872-0505 or contact us online to discover how our team can help give you peace of mind.
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