Medicaid covers the cost of a nursing home, assisted living, or long-term care facility. However, you cannot qualify for Medicaid unless you meet the strict income and asset requirements. This often causes seniors to spend down their nest egg and pay out their children’s inheritance before they get the benefits they need. You may want to invest in Medicaid planning services sooner than later in order to avoid having to spend all your money.
Medicaid Pays for Long-Term Nursing Care
Medicaid is a key benefit for seniors and others with long-term care needs since it covers nursing home care. Since this type of around-the-clock care can easily cost thousands of dollars a week, it is impossible for most families to pay out of pocket for long. Medicaid provides a way to pay for this necessary care.
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Qualifying for Medicaid Could Require You to Spend Your Assets
Most families eventually need to rely on Medicaid to cover the cost of having an aging loved one in a nursing home or assisted living facility. However, they cannot get the benefits they need from Medicaid until they spend down their assets and meet the strict requirements.
Fortunately, there is a better way to receive Medicaid benefits sooner while protecting your family’s assets. This is the role of Medicaid planning services. The Medicaid planning process uses legal tools to protect your family’s nest egg, including your children’s inheritance. The earlier you get started, the more assets you can protect.
Planning for Medicaid and Avoiding the Penalties
When you file a claim for Medicaid, the program takes a close look at your finances. It looks at the last five years of records to ensure you have not given your money away or hidden it in someone else’s bank account. If you have, it will prevent you from drawing Medicaid benefits for a set period of time.
If we begin planning for your Medicaid benefits at least five years before you need them, we can move assets without question. However, many people do not consider Medicaid planning services until they already need benefits. Even then, it is not too late. We can still put a plan in place that protects a portion of your assets.
Let Bratton Estate and Elder Care Attorneys Help You with Medicaid Planning Services
At Bratton Estate and Elder Care Attorneys, our Medicaid planning lawyers understand how this benefit program works. We can minimize the penalties against you while maximizing the assets we protect. Our team is ready to get started on your case.
The Bratton team includes not only estate and elder law attorneys, but also social workers and a registered nurse. By beginning the Medicaid planning process with conversations about your family’s needs and priorities, we build a plan that puts your preferences first.
Understanding How We Can Protect Your Assets
We use a number of different tools and actions to protect your assets and allow you or a family member qualify for Medicaid sooner. If you get started early enough, this can include giving your children and grandchildren their inheritance early or utilizing a trust. If you likely have at least five years before you require assisted living or nursing home care, we can guide you through moving your assets with no consequences.
When you have less time, or when there are concerns about what to do with the assets, we can create an asset-protection trust for your family. This type of irrevocable trust allows you to put your money and other assets in a protected trust that Medicaid cannot touch. You will name a trustee to oversee the funds, and they will disperse it to your heirs or follow your other instructions after your death.
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Contact Bratton Estate and Elder Care Attorneys About Medicaid Planning Today
If you have questions or concerns about Medicaid planning in New Jersey, the team from Bratton Estate and Elder Care Attorneys can help. We guide you through a number of difficult decisions related to elder care and your finances, with a focus on compassion and advocacy. Our attorneys will always listen to your needs and preferences first, before we take any action to create a Medicaid plan.
We are here for you, whether you are planning ahead or struggling with an immediate need to pay for a family member’s assisted living or nursing home care. Our Medicaid planning lawyers are ready to create the right Medicaid plan for you and your family.
Call us today at 856-857-6007 to learn more.