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Medicaid Planning Lawyers in NJ & PA

Providing Asset Protection Services When You Need Them the Most

When a person submits a Medicaid application, the government will review their submission to ensure it meets eligibility requirements. The most important of these requirements relates to income level. Whether you had to work until the day you retired or you’ve had substantial assets your entire life, it’s typically possible to qualify for Medicaid. However, certain asset protection strategies will sometimes be necessary to become eligible. A Medicaid planning lawyer in NJ and PA may be able to help.

At Bratton Law Group, we’ve seen far too many people lose everything as they get older. Everyone’s risk of needing medical assistance or intervention increases as they age. Unfortunately, the costs of such services also increase. This means you could spend your entire life planning for retirement, and a single diagnosis or accident could take it all away. However, this is only the case if your own assets are paying your medical bills. Fortunately, there are ways around this.

Contact our law firm for assistance today.

What Is Medicaid Planning?

Medicaid planning is a strategic process utilized to organize a person’s income and assets in a way that helps them meet Medicaid eligibility requirements. As a government program provided to low-income individuals, those whose net worths or incomes exceed a certain level will not qualify. Unfortunately, this can be financially devastating. Individuals who don’t qualify for this needs-based program often end up paying their own medical bills — and this can eat through their savings.

The average individual over the age of 65 spends over $11,000 a year on medical expenses. When you consider the need for nursing home care or other costly requirements, it’s clear how a person’s life savings could quickly dry up. By arranging your finances in creative ways, it’s possible to meet Medicaid eligibility requirements while protecting your assets for yourself and your heirs. So, how can you become a Medicaid recipient if you don’t meet state income levels?

The answer will depend upon your unique circumstances.

What Are Some Strategies to Plan for Medicaid?

Imagine what can happen to your savings and assets if you suddenly need to enter an assisted living facility. Think about what happens if you suffer a serious injury, or if you’re diagnosed with a debilitating condition. You could end up needing home care services, long-term inpatient care, or other expensive necessities. Fortunately, there are various Medicaid planning strategies you can use to ensure these expenses are covered without hurting you financially.

These strategies include:

  • Gifting assets
  • Setting up irrevocable and Medicaid asset protection trusts
  • Spending down your assets to meet Medicaid requirements
  • Investing in assets that are exempt or do not count toward Medicaid eligibility
  • Converting countable assets into exempt assets
  • Prepaying certain expenses (e.g., in-home care costs, property taxes, insurance premiums, etc.)
  • Purchasing Medicaid-compliant annuities
  • Consider spousal protections
  • Check your local community Medicaid program for additional resources
  • Speak with an attorney who can offer personalized advice

The important thing to remember is that time is of the essence. If you wait until you need expensive medical care, you may not immediately qualify for certain strategies. For instance, there’s a Medicaid lookback period — and this could result in you having to seek other forms of insurance until that period ends. This is why you need to seek out an experienced legal team as soon as possible. Procrastination will only make things more difficult.

At Bratton Law Group, you’ll work with an experienced Medicaid attorney in NJ and PA who will tirelessly advocate on your behalf. Contact us today to schedule your confidential consultation.

Is Medicaid Planning Legal?

Many people question whether Medicaid planning is legal. After all, the program is meant to cover healthcare expenses for those who don’t have sufficient income. However, this requirement ignores the reality of high healthcare costs in America. A single medical issue — or even the eventual need for long-term care — can deplete the most substantial nest egg. This can result in financial difficulties and an inability to leave anything behind to your children, grandchildren, or other heirs.

Fortunately, Medicaid planning is perfectly legal when undertaken within the confines of the law. For instance, all estate and asset protection strategies mentioned on this page are completely legal. It’s understandable that you may question this legality. After all, Medicaid planning may look a lot like concealing assets. Fortunately, this is far from the case. Chronic Medicaid abuse certainly happens in America, but proper asset planning strategies do not fall into this category.

Contact a NJ and PA Medicaid planning attorney at Bratton Law Group today. We’ll help you protect your assets and qualify for government assistance while staying within the confines of the law.

Contact Our Medicaid Planning Lawyers in PA and NJ Today

Securing Medicaid benefits as you get older is absolutely essential for protecting your assets. Even individuals with hundreds of thousands of dollars in savings can see their net worth quickly deplete due to medical expenses. It’s disappointing that the government would allow such a situation. After all, why should someone be punished because they saved for the future or wanted to leave something behind for their loved ones? Fortunately, a legal professional may be able to assist.

At Bratton Law Group, our team of asset protection lawyers has seen what can happen to individuals and married couples who don’t utilize some form of Medicaid planning. This planning could include anything from gifting assets to establishing a Medicaid asset protection trust. The appropriate strategy will depend upon your circumstances, and a Medicaid planning lawyer in NJ and PA can help you decide the proper way forward. Don’t risk everything you’ve worked for. Our law firm is here to assist.

Contact us at (856) 644-4283 to schedule your confidential consultation.