Elder Law

One of the most challenging aspects of elder law is determining when a person is no longer able to make decisions for himself or herself or needs additional care outside of the home setting. Often times a person’s loved ones may feel guilty for taking away the person’s independence, or be in disagreement about what steps to take. Our elder law attorneys are sensitive to these issues and can bring clarity to the situation whether you are pre-emptively planning for your own long term care needs or struggling to care for the needs of an aging loved one. We, at Thorp Purdy, work with our clients to address their concerns and find solutions that work for each unique situation.

Medicaid Planning
- Medicaid is a program which provides health care for low-income individuals. Medicaid planning focuses on assisting families with planning for an ill or ailing family member’s long term care needs. In order to qualify for Medicaid an applicant must meet certain medical and financial rules.
  
  There is no way to predict the future when it comes to what kind of care you or a loved one will need as you age, but you can gain an understanding of the possibilities by working with an experienced Medicaid planning attorney at our firm. We can help in identifying issues that you may not have thought of before or find answers to those nagging complex questions, such as:
  1. How much money will I have to spend before my spouse is eligible for Medicaid assistance?
  2. Will I as the healthy spouse be left impoverished after paying for my spouse’s care?
  3. Do I make too much income to qualify for Medicaid assistance?
  4. What does the State have the right to recover for assistance paid on behalf of an ill spouse?
  5. How can I spend-down our assets appropriately in order to qualify my ill spouse for Medicaid assistance?
  Our attorneys will work with you through every stage of the process to help you address the issues pertinent to your situation and stage in planning, whether you are planning for your own care or the care of a loved one.

Asset Protection and Wealth Preservation
- In addition to planning for the distribution of your assets, a comprehensive estate plan should also incorporate appropriate tools for asset protection and wealth preservation to provide long-term economic security for you and your family. We can assist you with developing an estate plan that is structured to preserve your wealth and minimize or even avoid estate and gift taxes.
  
  Depending on your situation, it may be appropriate to consider certain creditor protection strategies such as limited family partnerships, irrevocable trusts or other ownership structures to protect your assets. It is important to undertake asset protection planning before you have known or discoverable liabilities. With a plan in place, you may be able to prevent future creditors from gaining access to your assets.

Estate and Gift Tax Planning
- Without proper planning, estate and gift taxes can substantially reduce the amount of assets you are able to leave to your family. The estate tax, sometimes referred to as an inheritance tax or a “death tax,” is a tax that is imposed on everything you own or have an interest in at the time of your death. Estate taxes are imposed at the federal level and also by the state of Oregon. In addition to the estate tax, gifts made during your lifetime may also be subject to gift tax.
  
  If your estate is above certain limits, the estate tax may apply. With proper planning in advance, you can minimize the impact of estate taxes on your estate or possibly even eliminate liability for estate taxes altogether. Like estate taxes, with proper planning, gift taxes can be minimized or even eliminated. Planning to minimize or avoid these taxes should be an important part of your estate plan.
  
  Contact us to discuss how estate and gift taxes might impact your situation and to discuss how you can minimize or avoid these costly taxes.