The cost of long-term health care can be overwhelming for many. Many older adults worry about being cared for and how much it will cost. When considering the future, it is important to plan in the present. Some of the things you should consider when planning for future care include protecting assets and reducing the financial burden of elder care. Medicaid eligibility is complicated and having the right representation to guide you through the process is in your best interests. If you need help planning for the future, the Lauterbach Law Firm is ready to help you navigate the process every step of the way. Here are some of the questions you may have for a seasoned Rockland County wills, trusts, and estates attorney from our firm:
What should I know about Medicaid eligibility?
Future care can be afforded through various payment methods, including private funds, private insurance, veteran’s benefits, Medicare and Medicaid. For many Americans, Medicaid is the best option because it pays the full cost of medical care with qualified care providers. This includes the costs of nursing homes and assisted living facilities. However, this care comes with the cost of strict eligibility requirements, namely the depletion of most financial assets. With careful planning, one can qualify for Medicaid benefits by legally restructuring their assets.
How can I protect my assets through Medicaid planning?
There are many ways to protect your assets and become eligible for Medicaid. Some of the many ways you can protect your assets include:
- Gifting to family members
- Employing irrevocable trusts
- Transferring the home to the intended beneficiaries
- Establishing a contract for caregiver-child
- Purchasing immediate annuities
- Spending down assets by prepaying for funeral expenses, paying off mortgages and other debts, making home repairs, or purchasing a new vehicle
When should I start planning for Medicaid?
In order to protect your assets and ensure that you are eligible for Medicaid, planning early is the best policy. It is important to consider planning early to avoid the strict look-back period. If you seek Medicaid benefits within 5 years of making certain asset transfers, you could face serious repercussions, including fines and a compromise to your eligibility, with some exceptions. In addition, retaining sufficient funds to maintain your standard of living before entering long-term care is something everyone should think of today.
If you have any further questions or need a seasoned legal team in your corner, look no further than the Lauterbach Law Firm. We are here to help you in any way we can.