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Were you aware that individuals age 65 or older face a 70% likelihood of requiring ongoing medical care? This could show up as home health care, assisted living, or nursing services. It’s not a matter of if this will occur, for the majority of seniors, but rather when and for how long. You might be thinking, “Why should I worry about it now?” especially if you consider yourself to be in relatively good health. However, the reason for concern lies in the steep and ever-increasing cost of long-term care.
In the year 2023, estimates revealed that a semi-private room in a Texas nursing home could cost over $8,000 per month, with a private room reaching as high as $10,000. These expenses can accumulate rapidly; just six months would cost approximately $50,000! For most middle-class Americans with fixed incomes, such financial burdens are simply unsustainable.
Although some individuals are able to finance their long-term care partially or fully through Medicaid benefits, not everyone qualifies due to their current financial circumstances. To address this issue and assist those who need help qualifying for Medicaid benefits, an attorney trained in Medicaid planning can provide strategic financial guidance. Should you need help qualifying for Medicaid, contact our Dickinson Medicaid planning lawyer for a free consultation and see how we might be of assistance!
Why Should I Make A Medicaid Plan?
Medicaid, a public healthcare program in the United States, offers assistance to individuals with low incomes. Meeting the income requirements established by one’s state of residence is essential for eligibility. It should be noted that eligibility can differ across states; being eligible for Medicaid in Oklahoma or New Mexico does not guarantee qualification in Texas.
For those who expect to surpass their state’s income limit, careful planning and consideration are necessary to become eligible for Medicaid. Engaging the services of an experienced Medicaid planning attorney can help restructure your financial situation to meet the eligibility criteria. However, it is crucial to ensure that this process is carried out correctly.
Merely gifting your assets to your children will not suffice when attempting to appear less financially secure during the government’s “look back” period, which examines significant transactions conducted within the past five years before determining Medicaid eligibility. Therefore, initiating the Medicaid planning process sooner rather than later is highly recommended.
How Does Medicaid Planning Work?
Our Dickinson Medicaid planning attorney possesses a range of strategies to safeguard your assets while restructuring them, ensuring your eligibility for Medicaid benefits. She will thoroughly examine your financial situation and recommend the best options based on your particular needs. There are several possible avenues to pursue, including
- A Qualified Income Trust (QTI), which involves entrusting your income to a trustee of your choosing
- A Pooled Income Trust, an irrevocable trust designed to accommodate any excess income
- An Asset Protection Trust aimed at removing assets from your estate through transfer
- Spousal transfer, as a means of relocating assets to your spouse’s ownership,
- And more!
Our Dickinson Medicaid Planning Attorney Can Help You Navigate The Medicaid Planning Process
The Law Office of Michelle E. Murphy is devoted to helping seniors preserve their legacy in the Medicaid planning process. Our lead attorney, Michelle E. Murphy, has over 20 years of experience protecting the futures of her clients and their families. Call today to schedule your free consultation and learn more about the knowledgeable guidance we can offer!
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