Medicaid Planning & Asset Protection

Medicaid & Asset Protection Planning is an area of law that concerns itself with assisting clients in qualifying for Medicaid while preserving their life savings. Typically, Medicaid Planning involves clients who require nursing home care, but it can also apply to those seeking community-based Medicaid programs. Medicaid places asset and income limitations on singles and married couples. I understand these restrictions and can guide you through the process to preserve as much of your family’s savings as possible, while qualifying the person who needs care for Medicaid.

Medicaid cases fall into two categories; crisis and pre-crisis. Crisis Medicaid planning concerns itself with clients who are in need of Medicaid at the present time and, therefore, requires strategies which work immediately. For example, a Medicaid applicant seeking nursing home admission and Medicaid qualification, whose income exceeds $2,350 in 2020, must establish a Qualified Income Trust, with proper administration of that trust in order to reduce countable income. On the other hand, pre-crisis planning involves strategies designed to work in the future. An example of pre-crisis planning is establishing a 5-Year Trust. This type of planning is implemented for the purpose of qualifying for Medicaid after 5 years. It also protects the assets in the trust, from the children’s creditors, divorces or premature death.

My clients are understandably afraid of losing most, if not all, of their assets. This situation normally involves the need for long term care in a nursing home, which may cost up to $10,000.00 per month. I understand that this is an extremely stressful time for spouses, children, and other family members of the ill person, and I take great care to guide you through the process so that you understand all of your options. Call me today so that you can take the first step in preserving your savings and easing the stress of long-term care planning.

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