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 Asset Protection Trust for disallowed assets,
- Setting up a Pooled 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.
ALL OF OUR MEDICAID SERVICES
- Medicaid Planning
- Medicaid Asset Protection Trust ($3,000)
- Pooled Income Trust ($1,000)
- Apply for Medicaid ($3,000)
- Medicaid Package ($5,000)
- Medicaid Spousal Refusal Letter ($500)
Our attorneys can help you navigate the confusing statutory requirements of medicaid eligibility. In addition to creating a Medicaid Asset Protection Trust and a Pooled Income Trust, our Medicaid lawyers also assist with Medicaid Applications. We also offer Medicaid Packages for a combination of Medicaid services.
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