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What Is Medicaid Planning?
Medicaid is a government aid program that can cover the costs of long-term care. Medicaid planning is the process of shielding your assets so that they don’t count against you if you need to apply for Medicaid. With legal tools like trusts and other documents, and the help of an experienced attorney, you can convert assets to be owned outside of your name.
Why Is Medicaid Planning Important?
Seniors in today’s world are living longer than ever before thanks to medical technology and other advances, which means that more seniors are needing nursing home care, and for longer. Data shows that there is about a 70% chance that you will need long-term care at some point in your lifetime.
Unfortunately, nursing home care is much more expensive than most people realize. The average cost in Texas is around $80,000 annually, and that cost is not covered by Medicare or by most private health insurances (another fact that most people don’t realize).
If you don’t find another way to pay for these costs, you will either have to use up your life savings that you have worked hard for and had planned to leave to your children, go into debt to pay for care, burden your family with the costs of your care, or go without care if none of those options are available.
Medicaid can be a great solution, but there are strict income and resource requirements that you must meet to qualify. Most seniors find themselves in a catch-22 of having too much money to qualify for Medicaid but having too little money to afford the nursing home care they need. There is also another catch of Medicaid; there is a 5 year “look back” period, where Medicaid considers all transfers made in that period to count towards the eligibility requirements. This means that you cannot simply give all of the money to your kids; it requires careful legal planning in order to ensure that your legacy will be protected!
Why Is It Important To Work With A Friendswood Medicaid Planning Lawyer?
Medicaid planning can be extraordinarily complicated and time-consuming. Any mistakes made along the way can jeopardize your application. Our Friendswood medicaid planning lawyer is intimately familiar with the process and knows how to create the right legal documents that can protect your assets.
Call The Law Office of Michelle E. Murphy Today To Schedule A Free Consultation!
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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.
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