Medicaid Planning Strategies

So often long time clients face unforeseen circumstances and can no longer live on their own. However, if a client has to move into an assisted living facility or nursing home, their assets can be quickly depleted paying for these facilities. Luckily, Medicaid is a service that can assist clients with these expenses.

Understanding Medicaid Qualification

Medicaid examines income and assets in determining if someone qualifies for Medicaid. There are a lot of strategies to use though to qualify someone for Medicaid without depleting all assets. Depending on the situation, the assets, and the health of the person needing Medicaid will determine what strategies are the best to use in any given circumstance.

Timing is Critical

It is usually best to plan ahead and get the Medicaid planning process started as soon as possible. The longer time period we have until someone needs Medicaid sometimes means more options are available.

Common Planning Strategies

Asset Protection Techniques

• Proper timing of asset transfers
• Understanding the look-back period
• Utilizing exempt assets effectively
• Spousal protection strategies

Income Planning

• Qualified Income Trusts
• Spend-down strategies
• Annuity considerations

The Importance of Professional Guidance

Medicaid planning involves complex rules and regulations that change frequently. Working with an experienced elder law attorney ensures you understand all available options and avoid costly mistakes.

If you have any questions regarding Medicaid planning, please contact our office. We are happy to discuss your options.

Related Services

Our experienced attorneys can help you with:

• Medicaid Planning Services
• Elder Law Services
• Estate Planning Services

Contact us today for a free consultation to discuss your estate planning needs.