Many people believe there is no way around spending down all your assets before you qualify for Medicaid to pay for your nursing home care or long-term care needs. Fortunately, this is not true. Medicaid planning allows families to protect some or all of their assets while still letting their aging family member qualify for Medicaid sooner.
To learn more about Medicaid planning in Hamilton Township, NJ, you can reach Bratton Estate and Elder Care Attorneys today by calling (856) 517-0239. A Medicaid planning lawyer in Hamilton Township, NJ can explain how Medicaid planning works and analyze your unique financial situation to come up with a solution that works for your family.
Medicaid Is Often the Only Option to Pay for Long-Term Care in Hamilton Township, NJ
Most families require Medicaid to afford nursing home placement or other long-term care for their aging loved ones. If you or another member of your family cannot remain at home, paying for care out of pocket is often impossible. This type of care is expensive, and not covered by private health insurance. Medicaid is the only option.
Qualifying for Medicaid, however, is difficult. Applicants must meet stringent income and asset limits and cannot have many assets in your name. If you do not plan for Medicaid, you could have to spend the inheritance you saved for your children and grandchildren to pay for nursing home care. Luckily, planning can help you protect some or all of your assets when the time comes to move into an assisted living or nursing home.
Our Team Can Help You Understand Medicaid Planning
Medicaid planning is not something you want to try to manage on your own. The rules for qualifying for Medicaid are clear. They outline many things you are not allowed to do during the five years preceding your Medicaid claim. If you plan and have at least five years before you need Medicaid, you may have many planning options.
Some of the common ways we protect assets from Medicaid include:
- Creating a trust to hold your family’s assets
- Gifting valuables or cash to your heirs now
- Moving money into your child’s or grandchild’s accounts
- Donating money to a favorite charity
Even if you do not have five years before you need Medicaid, our Medicaid planning team is here to help. We can even put a plan in place for clients whose loved ones are already living in an assisted living facility or nursing home.
You can trust our team to:
- Minimize the amount you must spend down
- Maximize the assets we can protect
- Calculate the Medicaid penalty in your case
- Ensure your family member gets the level of care they need
Call us today at (856) 517-0239 to talk to a Medicaid planning lawyer in Hamilton Township, NJ about how we can protect your assets, pay for care, and give you peace of mind knowing your family will remain financially secure.
Let Us Develop a Hamilton Township, NJ Medicaid Plan for Your Family
Medicaid has complex qualifications. This includes extremely low asset requirements. A small mistake in planning could cost you thousands in penalties.
One aspect of qualifying for Medicaid that makes planning difficult is the five-year look-back period. This means that when you apply, Medicaid looks at the last five years of your financial records. If it found you gave away assets or moved assets into another account during this period, you may face a penalty. This type of penalty:
- Delays you from qualifying for Medicaid
- Forces you to wait to reapply for benefits
- Could cost you significant assets because you must pay for care out of pocket
Our life planning team knows how to work around the Medicaid rules using legal planning tactics. Even within the five-year look-back period, we can use careful planning to minimize the penalties you face while maximizing the assets you can protect. No matter your situation, our attorneys can ensure you preserve as much of your nest egg as possible while still getting the necessary level of care.
Call us today at (856) 517-0239 to get started planning for the Medicaid benefits you need.
We Offer Unique Solutions for Your Family’s Unique Needs
At Bratton Estate and Elder Care Attorneys, we understand there is no one-size-fits-all answer for estate planning or elder care law. To form a unique plan that meets your family’s needs, we need to meet your family and learn more about your preferences and priorities.
Talk to a Medicaid Planning Lawyer in Hamilton Township, NJ
If you worry you will not be able to pay for a nursing home or other necessary long-term care, the team from Bratton Estate and Elder Care Attorneys can help put your mind at ease. With Medicaid planning, we can ensure your loved ones inherit your hard-earned nest egg while Medicaid provides for your care in your final years.
Call our office today at (856) 517-0239 to learn more about Medicaid planning in Hamilton Township, NJ. We can help you develop a plan that works best based on your circumstances and needs.