If you or your spouse requires nursing home or assisted living care in Lower Merion, PA, it can seem like you are going to have to spend every cent to pay for it. This predicament can cause a lot of stress and frustration. Medicaid is the only option for many families, but qualifying can seem difficult or impossible.
Bratton Estate & Elder Care Attorneys is here to help. Our Medicaid planning lawyers in Lower Merion, PA, can help you qualify for Medicaid sooner and keep more of your hard-earned money. Call us today at (856) 857-6007 to learn more about our Medicaid planning services in Lower Merion, PA and elsewhere in the Philadelphia area.
Medicaid Rules Mean Many Families Face a Significant Spend-Down
Medicaid is a need-based government program and the only one that will pay for nursing home or assisted living care. To qualify, you need to have little household income and few assets. Often, families will spend thousands of dollars out of pocket paying for care before they can qualify.
This may mean spending down the money they saved for their children and grandchildren’s inheritance, as well as the money they need to live the rest of their lives. Fortunately, though, it does not have to be this way. There are legal tactics that you can take that will help you preserve your assets while still qualifying for Medicaid sooner.
It is important to work with a Medicaid planning attorney because the rules are complex, and you could face serious penalties if you do not follow them. The team from Bratton Estate & Elder Care Attorneys is here to help you. Call us today at (856) 857-6007.
How Medicaid Planning Works for Families in Lower Merion, PA
When you plan early for nursing home or assisted living care, you can protect almost all of your assets and avoid paying anything out of pocket. This is the best-case scenario for most families if no one in your household currently needs nursing home care and is unlikely to in the next five years. We can help you put a proactive plan into place to secure your hard-earned money.
Medicaid will only look at the financial transactions you made in the last five years to determine if you qualify. With this in mind, if we plan more than five years before you require nursing home care, you can:
- Move your assets into an irrevocable trust;
- Move your assets into an account owned by someone you trust
- Give your heirs assets you planned to leave them in your estate plan;
- Invest assets into your home or spend it in other ways; or
- Donate your assets to a beloved nonprofit.
If you need Medicaid within the next five years, taking any of these actions may result in a penalty. This could mean you have to wait for benefits, reapply for benefits later, and pay out of pocket until you qualify. Your Medicaid planning lawyer in Lower Merion, PA, can still help you, though, even if you need Medicaid today. We will analyze your care needs and financial situation and develop a plan that minimizes your penalties while maximizing the assets we can protect.
To learn more about how you can qualify for Medicaid sooner and protect some of all of your assets, reach out to Bratton Estate & Elder Care Attorneys today. You can talk to a member of our team by calling (856) 857-6007.
The Team at Bratton Estate & Elder Care Attorneys Is Ready to Build a Medicaid Plan for Your Family
At Bratton Estate & Elder Care Attorneys, our Medicaid planning team creates a unique plan based on your family’s financial circumstances, care needs, priorities, and preferences. We will work with you to explain your options and help you determine the best ways to protect your assets.
We will take steps to create a Medicaid plan and put that plan in place. You can count on your team to:
- Help you reduce the out-of-pocket payments you need to make before you can qualify for Medicaid;
- Protect as many of your assets while also qualifying for Medicaid benefits as soon as possible;
- Help you understand any Medicaid penalties you may receive and why they are necessary;
- Take any steps necessary to put your plan in place, such as creating and funding trusts and managing other financial transactions; and
- Securing the level of care necessary for you or a loved one and putting a plan in place to pay for it as long as needed.
In addition to Medicaid planning, our team can also help you address many other types of elder care, elder law, and estate planning concerns. If a member of your family needs nursing home or assisted living care today, creating a life care plan may give you peace of mind about their current and future care. Call (856) 857-6007 to learn more about our services.
Talk to a Medicaid Planning Attorney in Lower Merion, PA
The Medicaid planning lawyers in Lower Merion, PA from Bratton Estate & Elder Care Attorneys can help your family create a plan that allows you to protect your assets while also qualifying for Medicaid sooner. No matter if you are planning proactively or if you need nursing home care today, we can help. We can even help with planning for high-asset and complex estates.
In addition to meeting with you in Lower Merion, PA, or our Philadelphia office, we also have offices in Haddonfield, Moorestown, Ewing, and Linwood, New Jersey. Call (856) 857-6007 today to learn more about how we can help you pay for the nursing home or assisted living care your loved one needs or may need in the future.