Medicaid is a combined state and federal insurance program that covers many long-term care expenses, but is available only to applicants with a minimal amount of assets. To qualify for Medicaid, individuals may have to carefully plan, allocate, and spend down their assets.
We regularly handle cases involving a wide variety of situations, whether a client requires immediate assistance or a long-range plan.
Medicaid Planning Strategies
Our attorneys can help you understand how to plan for your future by utilizing the following:
- Gifts & loans: Though they may be useful, it is important for clients to know that some gifts, loans, and asset transfers may render an applicant ineligible for Medicaid benefits. Any gifting, loans, or asset transfers should be done under the supervision of an attorney. A careful gift and loan strategy can preserve a significant amount of assets, even for someone already in a nursing home.
- Spending down: We can assist you in the development of a plan to spend down money in order to qualify for Medicaid, while simultaneously ensuring that your money is protected for you and/or your spouse.
- Irrevocable Trusts: Under today’s estate planning laws, advance planning with certain types of irrevocable trusts may offer the best long-term asset protection.
Ideally, individuals should plan ahead so that if nursing home care is ever needed in the future, the benefits may be available faster. Through the use of specific legal strategies, you can protect your hard-earned assets.
|2016 Medicaid “By The Numbers”