Medical care becomes increasingly important--and expensive--as we age. If you or a loved one are considering planning for long-term medical care, Medicaid can be part of the equation. Applying for Medicaid can be a difficult and complex process, and there are specific income requirements, including having little in the way of assets and money.
This doesn't mean you have to lose everything you've worked for. With proper estate planning and strong legal representation, you can protect what you've worked for to make sure the interests of your spouse, children, and other family members are protected if you find yourself heading for a nursing home.
Medicaid Planning and Saving Your Nest Egg
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 Menomonee Falls 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.
Spending Down Assets and the Lookback Period
You may be advised to “spend down” some of your assets to become qualified for Medicare. This doesn't mean you must sell your house and give away everything you own. If you're planning to transfer assets, sell your house, or put your property and assets into a trust, you'll need to do that five years before you plan to apply for Medicare.
There are exceptions to the rule, but Medicare's five year “lookback period” will examine your assets that were sold or transferred in the five years prior to your application. Anything that was transferred may be penalized (with some exceptions), because the asset or monies could be used to pay for your nursing home care. Transfers made outside of the five-year period are exempted.
Menomonee Falls Medicaid Lawyer at Your Service
Estate planning isn't just about how much money you have, it's about protecting what you have now for your family's future. For all your questions regarding elder law and Medicaid planning, speak with a reputable attorney with Heritage Law Office of Wisconsin. We are dedicated to providing you with the knowledge to properly handle elder laws and prepare for long-term care. To find out more about the services we offer to help you create a more secure future for yourself and your loved ones, contact our office at (414) 253-8500 for a free case evaluation today!