WHAT IS MEDICAID PLANNING? Medicaid planning involves the structuring of financial resources and movement of assets in order to qualify for Medicaid.
WHO NEEDS MEDICAID PLANNING? The following individuals may benefit from Medicaid planning:
- Senior citizens who are considering nursing home care either now or in the future. With few exceptions, Medicare will not pay for long term care; thus Medicaid is required for those considering such care.
- Any individual that is considering applying for Medicaid and has assets or income exceeding the allowable limits.
- Any individual that is physically or mentally disabled or a family member upon whom such disabled individual depends.
WHAT ARE THE OPTIONS FOR MEDICAID PLANNING? Medicaid planning should be discussed with an attorney, but generally the following options are considered:
- Transferring of disallowed assets to family members,
- Setting up a Medicaid Trust for disallowed assets,
- Setting up a Qualified Income Trust for disallowed income,
- Setting up a special needs Trust for those with physical or mental incapacity.
HOW CAN I QUALIFY FOR MEDICAID? In order to qualify for Medicaid, an individual must meet the following criteria:
- Limitation of assets an individual can own,
- Limitation on income an individual can have,
- When transferring assets, must comply with the five year look-back period.
Our attorneys can help you navigate the confusing statutory requirements of medicaid eligibility. Depending on your particular situation, our Medicaid Planning package will cost anywhere between $3,000 and $5,000.
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