When Medicaid May Be Essential, Plan To Protect Your Assets
Medicaid becomes a critical topic for many people when needs arise for home care or residence in an assisted living or nursing facility. Medicaid is a public benefit program that covers nursing facility services, such as room and board at a skilled nursing facility, prescriptions, doctor visits, rehabilitation services and some ancillary charges. Medicaid is designed for people with limited asset, however, people of many income and asset levels can reach a point of needing Medicaid once they require long-term care.
At Frank, Frank & Scherr, LLC, our elder law attorneys understand the difficult choices that families often make before arriving at a stage of needing long-term care and Medicaid. We are here to help.
Medicaid And Long-Term Care
Our firm will advise you on how to obtain Medicaid long-term care benefits to assist with paying for nursing home care. We will help you understand how to meet the technical, medical and financial eligibility requirements by designing a unique Medicaid plan catered to your specific case. We will then implement the plan, as well as assist with filing the application and help you and your family resolve problems along the way.
Our attorneys help clients plan to preserve the maximum amount of assets for individuals, spouses, family members and people with disabilities while pursuing and obtaining lawful Medicaid benefits. We assist in long-term care planning and advise on long-term care insurance, as well.
Healthy spouses are often especially worried about protecting assets while meeting the care needs of their spouses who may require long-term care. Our firm will work with you to develop an asset protection plan adapted to the big picture in a marriage, a lifestyle and a family, as long-term care needs loom on the horizon or have already become immediate. Our attorneys are committed to helping develop a plan specific to your needs. Your plan may include one or more of the following:
- Implementing a gifting program
- Purchasing a short-term, Medicaid compliant single premium immediate annuity
- Transferring assets to a disabled child
- Placing assets in a special needs trust
- Personal care contracts
- Promissory notes
- Retitling assets
- Disinheriting an ill spouse
- Paying privately for care
- Purchasing long-term care insurance
- Moving to a continuing care retirement community
Our focus is to ensure that you get the care that you need while preserving your assets to the fullest extent possible.
Plan To Protect Assets For Medicaid Eligibility
Our elder law firm often guides families through difficult decisions and processes in connection with a need for Medicaid. If possible, get ready and plan ahead before you get to a time of crisis. Schedule a consultation by calling 410-337-8900 or completing our online intake form for a prompt response.