If you have limited income and assets, it is important to consider Medicaid planning. Medicaid is a federal and state program that provides for, among other things, nursing home care, but navigating it can be confusing. Every state has different requirements and for different groups of people through Medicaid-funded programs. One thing is clear, however; Medicaid eligibility is limited to those who meet strict guidelines, which vary state by state but are income and asset based.
Why You Need a Medicaid Planner
Medicaid planning is really asset protection planning for the family or individual in need of nursing home care. It is the best way to ensure that you receive as much of the benefits as the law allows and receive the care you need, while maximizing what you are going to leave for your loved ones. Eligibility for Medicaid is only available to persons who meet specific financial guidelines, and by starting the planning process early, you will optimize the chances that your assets will end up with the people you choose.
Medicaid eligibility is very complex; the rules change frequently, they differ in each state, they differ by program within each state, the application is time consuming, and the review process lengthy. If you are denied by Medicaid, the consequences may be severe and can negatively impact the comfort, happiness, and even the health of the individual applying and their entire family.
Different family situations may or may not require Medicaid planning. Situations where one spouse requires care, both spouses require care, or a healthy couple is simply doing long-term planning may require a planner. Whereas, a single person with no assets or income, whether healthy or not, may not need to hire a Medicaid planner.
Medicaid Planners, such as the Law Office of Seth Levy, help clients structure their financial resources and prepare documentation to ensure the best possibility of being accepted into the Medicaid program. They create trusts, manage asset transfers, and convert countable assets into exempt assets to ensure eligibility and preserve a family’s resources. Medicaid Planners help clients structure their financial resources and prepare documentation to ensure the best possibility of being accepted into the Medicaid program. We create special kinds of Trusts, manage asset transfers, and convert countable assets into exempt assets to ensure eligibility and preserve a family’s resources. If you think you are ready for a consultation in this area, call the office at 843.400.4510 or open a convenient chat with us today.