You can protect your assets from Medicaid through smart estate planning that makes use of legal tools. It is important to begin the planning process early to avoid complications due to the Medicaid lookback period.
A knowledgeable elder care attorney can offer guidance and present options you might not have considered on your own. We are able to protect up to 100% of your assets with our Medicaid Crisis Planning.
Our team has helped over 7,000 families manage the complicated legal issues that accompany aging. Call today to schedule a Legacy Planning Meeting and learn how our Medicaid lawyers in Marietta can help find a creative solution for protecting your assets.
What Is Medicaid and Why Do You Need It?
Medicaid is a joint federal and state program that provides healthcare coverage for people with limited income and resources. Many older Americans’ first encounter with Medicaid occurs when they are admitted into a nursing home.
Nursing home care is expensive, and it can quickly drain your personal savings. Eventually, you may not be able to afford your full cost of care each month. Medicaid offers a safety net, but qualifying requires meeting strict asset limits.
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What Are Medicaid Asset Limits?Medicaid asset limits vary by state and change regularly. Your assets include things like bank accounts, investment portfolios, and additional properties. However, Medicaid excludes certain assets from this calculation, such as a primary residence under certain conditions.
If your assets exceed the limit, you must spend down before Medicaid will consider you eligible. Spending down means using excess funds on approved expenses like medical bills, home repairs, or funeral arrangements rather than giving money away.
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Medicaid Crisis Planning Strategies
It’s possible to protect your assets from rising nursing home costs while qualifying for Medicaid. Medicaid asset protection strategies legally reduce countable assets, allowing you to maintain your eligibility for benefits without losing everything you’ve worked for.
At Nelson Elder Care Law, our Medicaid Crisis Planning techniques let you protect 80%, 90%, or even 100% of your assets instead of letting them go toward your cost of care at a nursing facility. Nursing homes don’t like that, but our job is to serve you, not them.
Our Absolute Protection Trust™
We provide a dedicated legal team for consistent, personalized support and a seamless transfer of assets through our experienced Funding Managers. The right kind of trust can remove assets from your ownership, placing them under the control of a trustee.
Our innovative Absolute Protection Trust™ offers unique benefits over competitors, such as the Trust Protector™ feature, allowing flexibility to amend irrevocable trusts as life circumstances change. You get the peace of mind of total protection without giving up complete control.
Common Mistakes in Medicaid Asset Protection
Medicaid laws are complex and state-specific. An elder law attorney can offer advice and protection strategies that can save much more than they cost in the long run.
With the help of your lawyer and proper estate planning, you can avoid these common errors:
- Improper Gifting During the Look–Back Period: Transferring assets incorrectly within five years before applying for Medicaid can trigger a penalty period of ineligibility.
- Improper Home Transfers: A home may be exempt under Medicaid rules, but transferring it to someone other than an exempt party can be considered a disqualifying gift.
- Using the Wrong Type of Trust: Many mistakenly use revocable trusts, which don’t protect assets from Medicaid because the person still controls them.
- Delaying Planning: Waiting until nursing home care becomes an urgent need limits planning options. Last-minute decisions often lead to penalties or insufficient asset protection.
- Using Generic or DIY Advice: Medicaid rules vary by state, and incorrect or outdated strategies can result in denial or penalties.
- Overlooking the Community Spouse: If one spouse needs Medicaid, poor planning may leave the healthy spouse with limited resources.
- Underestimating Estate Recovery: States can pursue estate recovery after death to reclaim costs. Without planning, assets like a home could be lost.
Do You Need an Attorney to Help Qualify for Medicaid?
You don’t legally need an attorney to protect your assets and qualify for Medicaid, but working with one can save you from costly mistakes. Medicaid rules are intricate and constantly changing. An experienced elder law attorney can provide guidance and peace of mind.
At Nelson Elder Care Law, our team is dedicated to helping seniors and their families with their estate planning needs. That includes creative Medicaid Crisis Planning strategies and groundbreaking options like our Absolute Protection Trust™.
Let us handle the heavy lifting, so you can focus on what matters most. Call today to set up a Legacy Planning Meeting. Our team can tailor your plan to your specific situation and goals so you can remain eligible for the benefits you need without losing everything you’ve worked for.