One would think that all attorneys operate with a code of ethics – not always true. In the eldercare industry many attorneys advertise or promise “Medicaid planning services” that seek to protect monies, yet have hidden issues for unsuspecting older adults and their families. While it iss true that none of us hope to ever have to spend all of our money to provide care for ourselves or a loved one, how do you feel about finding a way around the system that spreads these costs to your friends, family and the general public? How do you feel about finding a way around this only to have those you “trusted” not keep their end of the bargain. After all, most financial abuse happens within families.
Situations of financial family abuse are exactly what happens to some who attempt to deceive the system. Be wary of attorneys selling you irrevocable Medicaid trusts that divert money to your children or other trusted individuals who then are expected to give the money back to you or to use it for your care when you need it. These trusts allow individuals to receive government assistance through Medicaid at great cost to the healthcare system, national debt and nursing homes and other communities that provide this care by pushing the financial costs of care on the general public.
Ever wonder why the publlic entitlement programs of Medicare, Medicaid and Social Security are in so much trouble? Ever wonder why healthcare costs are escalating? It’s because there’ is a loophole to get around the system. Is this legal, at present yes, it is ethical? That depends on your view of ethics if you feel that hiding money from the government to provide for your care and expecting others to pay the cost is honest and moral.