Many of us will need the around-the-clock care and support of a nursing home or assisted living facility when we get older. As we learn to manage chronic conditions better and treat many that used to be terminal, Americans are living longer and needing more support in our later years.
For many families, the only option to pay for a bed in a long-term care facility is Medicaid. This government program pays for long-term care including nursing homes and assisted living facilities. However, you must have a low income and few assets to qualify. At Bratton Estate & Elder Care Attorneys, our Medicaid planning lawyers in Trenton, NJ can help you protect your assets and qualify for Medicaid sooner.
Call (856) 857-6007 today to learn more about our Medicaid planning services in Trenton, NJ.
Medicaid Is Key to Covering Your Nursing Home Care Costs
Private medical insurance and other similar programs do not cover the costs associated with long-term care. Long-term care insurance, which is relatively rare, and Medicaid are your only options beyond paying for a nursing home or assisted living facility out of pocket — and no one wants to spend their lifetime of savings on that, even if they can afford it.
To get Medicaid, you must meet strict income and asset limits. This brings up what many people refer to as the “Medicaid spend down.” Without Medicaid planning, you will need to pay out-of-pocket for the nursing home until your assets are low enough to qualify for Medicaid. Medicaid planning will help you protect some or all your assets from the spend down, getting you the Medicaid benefits you need sooner.
How Trenton, NJ, Medicaid Planning Works
The sooner we get to work on Medicaid planning for your family, the better off you are. Ideally, you will have at least five years between the time we put your Medicaid asset protection plan in place and when you need a nursing home or assisted living care. This is the look-back period when you apply for Medicaid.
Anything done more than five years before you apply will not count against you. This allows you to protect all your assets. We can put a plan in place that may include:
- Creating an irrevocable trust to protect assets for your family
- Gifting heirlooms, cash, and other assets to your heirs now
- Moving money into an account owned by your child or grandchild
- Donating assets to your church or another favorite nonprofit organization
Our team of knowledgeable professionals knows how the process works to qualify for Medicaid and the legal tactics that can help you protect your assets from the spend down. Let us help you put a plan that works for your family in place today.
Dealing with Medicaid Penalties If You Do Not Have Five Years to Plan
Unfortunately, many people do not consider Medicaid planning until their loved one needs around-the-clock care, or they know the time is quickly approaching. This means we do not have five years to plan, and the Medicaid look-back process will identify the transactions we make and penalize you for them. Getting a Medicaid penalty means:
- You cannot qualify for Medicaid as quickly
- You will need to reapply for benefits after the penalty period
- You will need to pay for care out of pocket until you can reapply and qualify
Just because you will receive a penalty does not mean that Medicaid planning is not worth it, however. Our Medicaid planning lawyers in Trenton, NJ can still help you protect many of your assets. We know how to build a plan that maximizes your savings while minimizing the penalties against you. Call Bratton Estate & Elder Care Attorneys to talk to a Medicaid planning lawyer in Trenton, NJ about your case today. You can reach us at (856) 857-6007.
Enlist Our Help Getting Your Medicaid Benefits as Soon as Possible Today
At Bratton Estate & Elder Care Attorneys, our Medicaid planning team will go to work on your asset protection plan today. No matter your situation or the size of your estate, we can create a plan that works best for you and your family.
You can expect our attorneys to:
- Minimize the portion of your assets you need to spend down
- Protect as many of your assets as possible
- Calculate and explain any Medicaid penalty you will receive
- Walk you through this entire process, ensuring you know what to expect
- Handle all financial transactions or guide you through them
- Ensure you or your family member gets the long-term care necessary
- Ensure your family member receives the level of care they need
In addition to Medicaid planning, we can help you with many other elder law and estate planning tasks. We can review your estate plan and ensure it is current as well as create a life care plan to outline your financial, legal, and healthcare desires for today and the future.
We work with all types of estates, including high-asset estates, complex estates, and those that need to provide for family members with special needs. Call our office today at (856) 857-6007 to learn more about how we can help your family.
Discuss Your Needs with a Medicaid Planning Lawyer in Trenton, NJ
At Bratton Estate & Elder Care Attorneys, our attorneys understand how the government agency evaluates Medicaid applicants and what it takes to qualify. We know how to create a plan to protect as many of your assets as possible and get the Medicaid coverage you need sooner. Whether you may need nursing home care in the future or a loved one needs it today, we are here to help.
Call (856) 857-6007 today to get started on your family’s Medicaid plan.