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When thinking about retirement, most individuals focus on the typical expenses of daily living and travel. However, they often overlook a potentially significant cost: long-term care expenses. With seniors now living longer than ever before, there is an increasing
number of older adults residing in nursing homes or assisted living facilities. Given the high costs associated with long-term care in Texas, it is essential to plan ahead and explore options for financial assistance through Medicaid – a viable choice for many people.
Nevertheless, navigating and applying for Medicaid can be a complex and time-consuming process. To ease these challenges and provide peace of mind, our Cypress Medicaid planning lawyer can offer guidance by simplifying the procedure. If you live in Cypress, Texas, and are nearing retirement or already enjoying it, prioritizing Medicaid planning should be at the forefront of your mind! Whether you currently have good health or not, preparing for potential long-term care expenses is crucial to ensure peace of mind during your golden years. Don’t hesitate to contact us today to schedule your free consultation session and discover how our firm can assist you.
What Is Medicaid?
Medicaid is a low-income public healthcare program sponsored by the U.S. government that 1 in 5 Americans receive coverage through. The state and federal government are partners in funding this program, with the state ultimately having the final say in eligibility criteria, coverages, and other covered expenses. Medicaid is the principal source of funding for long-term care services, which usually refer to the medical or non-medical services that help older Americans with their daily lives and routines.
What Is Medicaid Planning?
Medicaid planning is a legal way of protecting your assets from the costs of long-term care; specifically, shielding them ahead of time using tools such as trusts so that they don’t count against your eligibility when you go to apply for Medicaid.
What If I Don’t Qualify For Medicaid?
A Cypress Medicaid planning lawyer has an in-depth understanding of the eligibility requirements and can assist you in structuring your assets and income to greatly improve your chances of qualifying for Medicaid benefits when you need them most. By proactively planning for Medicaid, you can protect your hard-earned assets and ensure you have access to the healthcare services you require.
Medicaid planning is not just for those with limited income or resources. It’s a strategy that anyone, regardless of their financial situation, can benefit from. Even if you have significant assets, a Medicaid planning attorney can help you protect those assets and potentially qualify for Medicaid benefits. They can guide you through the various options available, such as trusts and annuities, to help you achieve your financial goals while still maintaining your eligibility for Medicaid.
When Do You Need To Start Medicaid Planning?
Medicaid counts any asset transfers or gifts made within 5 years of applying towards your eligibility. This is known as a “look back” period. If you wait until you need to enter a nursing home to apply for Medicaid, there is a good chance that you will not be able to qualify; you need to start planning at least 5 years in advance. A lot can happen in 5 years, so it’s in your best interests to start working with a Cypress Medicaid planning lawyer as soon as possible. Generally, you should start planning ahead for this specific need after you turn 60.
Why Choose Our Cypress Medicaid Planning Lawyer?
Our lead attorney, Michelle E. Murphy, has been helping seniors with Medicaid and other related legal issues for over 20 years. With her experience, you can be certain that your legacy is secure! She will take the time to understand your situation, review all of your options, and give you practical advice. In addition to providing a solid plan moving forward, she will complete your application for you, so there is no need to worry about anything. Don’t delay – call today to schedule your free consultation and get started!
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Ms. Murphy made sure to use all of her resources and did everything legally possible to help me. She fought harder than other lawyers out there and found ways to make everything work in my favor. I really appreciate how she helped me and made me feel at ease under the worst circumstances. I recommend her highly.
Why Choose Us?
20+ Years Of Experience
Personalized Attorney Attention