You may be concerned about eventual long-term medical care. Can you pay for it, or will you need Medicaid? That's a complicated question with no easy answers.
Most people want to stay in their homes; however, if you find yourself with a medical condition that requires increasingly complex medical care, staying in your home may not be an option. Nursing home care in Wisconsin is approaching $9,000 per month or more depending on your location and care needs. If you pay out-of-pocket, it may not be long before everything you saved is gone.
Medicaid can provide you with access to medical and long-term care services that you might not otherwise be able to afford. Unfortunately, the eligibility rules and application procedures for these programs have become so complicated that they are difficult for the very people they are designed to help.
Medicaid is intended to be the “option of last resort,” with income and asset ownership requirements. If you “own” too much, you won't be eligible for Medicaid until you are essentially out of money. If you're interested in preserving your home, property and other assets for your spouse and family, it's never too early to start structuring your estate plan with the help of a Wisconsin Medicaid lawyer.
Medicaid Planning
Medicaid is a difficult and complex process. One of the basic qualifications requires you to have less than $2,000 in money and assets. If you've worked hard all your life to be well off in your later years, this may come as a shock.
If you believe long-term care may be in your future, or you'd like to be ready for the possibility, there are a number of ways to preserve your assets. Transferring them to your spouse, children other relatives or into a trust so that they won't be depleted to pay for your nursing home care.
A Medicaid attorney in Wisconsin can help you structure ownership of your assets so it doesn't disqualify you from getting coverage from Medicaid. The earlier you begin the process, the best chance you have of protecting the maximal value of your property and assets. We can help make the assets last longer and protect your family's interests.
Planning for a Bright Future with Wisconsin Medicaid Lawyers
It's never too soon to speak with a qualified Medicaid lawyer in Racine about your financial plans. Our staff holds over 20 years of extensive experience in complete financial planning, including:
- Nursing home planning
- Special needs trusts
- Estate planning
- Annuities to provide monthly income to your spouse
Wisconsin Medicaid Lawyer
If you're looking for a probate attorney in Wisconsin, look no further than Heritage Law Office. Contact us today to schedule a free consultation and learn more about how we can help you through the probate process.
You can reach us either online or by calling us directly at 414-253-8500.
Frequently Asked Questions (FAQs)
1. What is the role of a Medicaid lawyer in Medicaid planning?
A Medicaid lawyer guides you through the intricacies of Medicaid benefits. They help you apply for Medicaid and strategically position your assets before you apply, preserving as much of your estate as possible. The goal is to ensure that your assets and savings are protected while structuring your estate favorably. The lawyer will also offer advice on potential ways to preserve your assets, such as transferring them to your spouse, children, other relatives, or into a trust.
2. What services can I expect when planning for Medicaid?
A qualified Medicaid lawyer offers an array of services such as nursing home planning, establishing special needs trusts, estate planning, and advising on annuities that provide monthly income to your spouse. Each of these services is geared towards complete financial planning that safeguards your assets while ensuring you are eligible for Medicaid.
3. Why is it important to start the Medicaid planning process early?
Starting the Medicaid planning process early increases the chances of protecting the maximal value of your property and assets. It allows for ample time to structure ownership of your assets in a manner that doesn't disqualify you from getting coverage from Medicaid. This can prevent the need to spend down your assets in order to qualify for Medicaid.
4. How much can I own to qualify for Medicaid?
As of this writing, one of the basic qualifications for Medicaid is that you must have less than $2,000 in money and assets. However, this number can change as policy updates occur. It's recommended to consult with a Medicaid attorney for the most accurate, current information.
5. Is Medicaid my only option for long-term care?
While Medicaid is a viable option for many individuals requiring long-term care, it is intended to be the “option of last resort”. Therefore, it's wise to explore all possibilities, such as long-term care insurance, Medicare, personal assets, and family support. A Medicaid attorney can help review your unique situation and advise on the best course of action.
