The ability to pay for long-term nursing care or residence in a nursing home is an issue many people face as they get older. Residence in these locations can cost thousands of dollars every month and paying for it can be a significant financial burden. Thankfully, it is possible through skilled Estate Planning to protect your assets and afford the long-term care you need.
A Marietta Medicaid lawyer at our firm can help determine if you are eligible for Medicaid assistance while protecting your assets. If you wish to learn more, speak with a knowledgeable attorney at Nelson Elder Care Law.
Medicaid is a federal health insurance program that provides assistance to people with lower incomes. Normally, this helps people to obtain health care when they might not otherwise be able to afford it. However, Medicaid can also provide assistance in paying for the costs of nursing home care. In fact, many people will pay little or none of the costs associated with living in these facilities if they qualify.
With that in mind, proper Estate Planning can help ensure that you will qualify for this protection when the time comes. Shifting the Ownership of Assets through a Medicaid Trust can work to Protect those Assets from the Medicaid audit that occurs when you apply for benefits. This process can help protect business interests, family homes, and other valuable assets from liquidation should you require nursing home care. Our Marietta attorneys can provide more information about the role that Medicaid plays in paying for nursing home care and help you develop Medicaid crisis plans.
As powerful a tool as Medicaid Trusts can be to Protect Assets when a person moves into a nursing home, they do have their limitations. Perhaps the most important is the time limits on when you may move your assets and still qualify for Medicaid. Known as the look-back period, this is how far back in time an audit can look to determine your financial eligibility.
According to section 1917(c)(1)(B)(i) of the Social Security Act, this look-back period is five years. As a result, it is essential to transfer property to the ownership of a Trust as soon as you begin considering moving into an assisted living facility. While it is true that placing your property into a Trust means surrendering direct control over those items, the terms of a Trust can still allow you to live in your home or draw income from your business. Our Medicaid lawyers in the Marietta can help you create these documents to allow for maximum flexibility while making arrangements for your future.
When the time comes to make a move into a nursing home, it helps to be prepared. One way to do this is to create a Medicaid Trust. These Estate Planning documents transfer ownership of your property to an Asset Protection Trust to help shield them from discovery during the Medicaid eligibility evaluation. Properly done, these Trusts can help to Protect your Assets while making you eligible for Medicaid.
A Marietta Medicaid lawyer at Nelson Elder Care Law can help create a plan that meets your needs. This includes explaining how Medicaid works, identifying vulnerable assets, explaining the relevant laws, and drafting the required documents. Contact our team today to learn more.
