Preserving Assets and Quality of Life through Medicaid Planning
Today, with advances in modern medicine, people are living longer with increased physical and/or mental incapacities. As costs of long-term care continue to rise, it is more important than ever to preserve assets and take steps to improve the quality of long-term care in a nursing home.
Medicaid is a government program that may help pay for certain costs associated with care, but In order to qualify for these benefits, Medicaid laws limit the amount of assets an individual and his or her spouse can keep. Without intelligent planning and advice from an experienced attorney, it is often too easy for individuals and families to find themselves in a difficult situation with little control over the quality of life an elderly loved one enjoys.
The team at the Law Offices of Kathleen Fowler, LLC helps elderly clients, and their families, find legal ways to preserve assets and ensure quality of life in aging. As part of our elder law practice, the Medicaid planning services at our firm take into account a full range of important issues, including probate avoidance, estate tax reduction, life insurance planning and long-term care insurance, in addition to Medicaid planning.
The Importance of Advance Medicaid Planning
Maximum Benefits: The transfer of assets to a family member is often an effective way to decrease the value of an estate in order to gain Medicaid eligibility. For five years following such a transfer, it must be reported on the Medicaid application. Planning ahead now can enable you to make the appropriate transfers for maximum benefit in planning for possible nursing home costs.
Maintaining Current Effectiveness: There is practical certainty that Medicaid laws governing eligibility and asset preservation will change in the future. However, it is likely that plans made under current Medicaid laws will be grandfathered in This “grandfathering” provision means that while officials of the state and federal government are looking to impose restrictions or propose caps on the number of people who qualify for Medicaid, your plan will likely remain effective.
Get The Experienced Help You Need: Without the help of an experienced lawyer, it is easy to make strategic errors that will adversely affect the quality of your life and your ability to protect your assets for your family. Before engaging in any Medicaid plan or transfer of assets, you should discuss your long-term care goals with one of our attorneys. We will explain your options and any associated risks in a free consultation. Contact one of our offices today to schedule an appointment.
To discuss long-term planning or crisis management regarding Medicaid or other long-term care benefits, please call our offices at 508-385-6263 for your FREE legal consultation.