Why Choose Medicaid Planning?
Families generally engage in Medicaid planning to ensure the best chance of acceptance into the Medicaid program. This includes a range of more complex issues concerning long-term care and financial matters.
Reasons to Begin
- To ensure loved ones can receive the long-term care they need, which they may not be able to afford without Medicaid.
- For assistance in acquiring coverage. Eligibility requirements for Medicaid are complex, and a small error could result in denial of benefits.
- We can help accelerate the application and review process.
- To ensure that a healthy spouse of someone who needs long-term care can stay at home and have the financial resources to live.
- To preserve as many assets as possible for the next generation.
- Without advance preparation, you may end up exhausting your assets paying out-of-pocket for nursing home costs.
Information to Consider
There are strict rules governing what will render you ineligible for Medicaid and what will actually protect your assets. As an example, if you transfer your home to your children, you will immediately be ineligible for Medicaid and you may trigger a gift tax, lose any property tax exemptions, and could even result in your child’s spouse (an in-law) inheriting your house. If you do not have the appropriate kind of trust in place, everything you have transferred is at risk.
You can protect your assets and qualify for Medicaid even if you are already in a nursing home. A nursing home or hospital that offers to file a Medicaid application for you cannot assist you in protecting your assets. Mr. Winter can.
The Winter Law Firm PC
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