We now have an estate planning and elder law office in Tulsa, Oklahoma, and attorney Taylor Smith is helping clients in that area. The office is located at 7633 E. 63rd Place in Suite 312, and the phone number there is 918-615-2700.
Oil Capital of the World
Tulsa is one of the most important cities in the entire country. It garnered a reputation for oil production during the twentieth century, and this is a large part of the economic foundation. Energy is still at the core, but over the years, the base has expanded into many other areas, including aviation and finance.
The city is the home of Oral Roberts University along with the University of Tulsa. As a result, students can get a world-class education without leaving home. Additionally, it is one of the cultural hubs of the region, and the Green Country is always beckoning to outdoor enthusiasts.
Tulsa, Oklahoma Probate Court
From an estate planning perspective, probate is a legal process that will be necessary if you use a will to state your final wishes. The executor that is named in the document will complete the hands-on tasks during the administration phase, and the court provides supervision.
This court also handles guardianship matters, including adult guardianship. While this is a necessary safeguard, you can name a representative when you are planning your estate to prevent a guardianship. This is done through the utilization of a durable power of attorney.
The Probate Division of the Tulsa County District Court is the body with jurisdiction over these matters in this area. This court can be reached by phone at 918-596-5000, and it is located at 500 S. Denver in Tulsa.
Tulsa Senior Population
For a number of years, the overall population has been aging rapidly because of the maturation of the baby boomers. According to the last census in 2020, 15.1 percent of the Tulsa population is 65 years of age or older. Elder law attorneys counsel clients in this age group and those that are preparing for their senior years.
Tulsa Long-Term Care Costs
When you are looking toward the future, it is important to understand some facts about long-term care. First, according to the United States Department of Health and Human Services, seven out of 10 people that reach the age of 65 will need living assistance.
Over one third of elders will reside in nursing homes at some point in time. Many people are surprised to learn that Medicare does not cover the custodial care that nursing homes provide. In addition, it will not pay for in-home custodial care that is provided by a paid caregiver.
The median annual cost for a private room in a Tulsa area nursing home is over $80,000. Slightly over half of the people that receive paid long-term care need the assistance for more than a year.
Tulsa, Oklahoma Medicaid Planning Attorneys
Fortunately, there is a solution in the form of Medicaid. This jointly administered federal/state government health insurance program will pay for custodial care. However, since it is a need-based benefit, there is a low $2,000 asset limit.
To gain eligibility, you could convey assets into a Medicaid trust. After you fund the trust, you could continue to accept income that is generated by the assets in the trust. You would not be able to reach the principal asset(s), but access to the income would not count against you if and when you apply for Medicaid.
Timing is the key to the successful execution of this strategy. There is a five-year look back period, so you have to fund the trust at least 60 months before you submit your application for Medicaid coverage.
We Are Here to Help!
If you would like to work with a Tulsa, Oklahoma estate planning lawyer to develop a plan for aging, we can help. Each situation is unique, and there are different approaches that can be taken. When you choose our firm, we will provide personalized attention, and your plan will be custom crafted to suit your needs.
You can set the wheels in motion right now if you call us at 918-615-2700, and you can use our contact form to send us a message.