The Importance of Medicaid Planning
Work With Proven Jacksonville Estate Planning Attorneys
It can be easy to forget how important it is to make estate planning considerations when a person is still young and in good health. The sad reality, though, is that many people end up waiting too long to plan for the future. Many residents of nursing homes end up exhausting all of their assets and life savings on costly long-term care, relying on Medicaid to pick up the rest. For those who wished to leave something to their families at the right time, the often exorbitant expense of care can rob a person of their ability to provide for their families after he or she is gone. This situation can be avoided by taking steps early on to plan for the possibility of long-term care.
How Can I Benefit from Medicaid Planning?
Those who cannot afford the cost of a nursing home can turn to Medicaid, a joint federal-state program that covers the costs of medical care for low-income individuals. As the single largest payer of nursing home bills in the United States, Medicaid is often the only way that a person can afford to receive long-term care. Eligibility requirements, however, can be strict and complex, and individuals in need of care often have to jump through several hoops in order to qualify. Between income caps, lookback periods, transfer penalties, and waiting periods, it begins to make sense why planning ahead is a good idea.
An individual who is not yet in need of long-term care can protect their assets in several ways. For example, an individual may be able to distribute their assets among trusts or annuities, gift or transfer their assets, or strategically “spend down.” This ensures both that he or she will qualify for Medicaid more quickly and provides the peace of mind of knowing that family members can benefit from their assets.
Because each person’s circumstances are different, it is wise to consult with a Jacksonville estate planning lawyer at Owenby Law, P.A. to learn which asset protection options may be right for your case.
Why Choose Owenby Law, P.A.?
Over the last 20 years, Owenby Law, P.A. has helped thousands of clients plan their estates throughout Florida. We pride our success on our commitment to protecting the best interests of each client who entrusts their case to our care. Whether you are seeking guidance with estate planning or an elder law matter, our knowledgeable elder law attorneys in Jacksonville, FL are available to help.
To speak to a lawyer about Medicaid planning, please request an initial consultation by calling (904) 770-3141.
