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Today, people are living longer than ever, which means the chance that you will need long-term nursing care at some point is high; however, nursing home care is extraordinarily expensive, and not typically covered by Medicare or private health insurance. Planning ahead for these costs is imperative if you don’t want to lose your life savings or become a financial burden to your family! Working with a Galveston Medicaid planning lawyer is the best way to ensure that neither of those things will happen. Let Attorney Michelle E. Murphy give you peace of mind! Call today to schedule a free consultation.
How Do You Plan For Medicaid?
Medicaid is a federal government program that provides financial assistance to different groups – among them, elderly individuals who require nursing home care. It is an excellent option to pay for the high costs of a nursing home, but there are stringent qualifications in place that seniors have to meet before they can qualify, as Medicaid is needs-based. If seniors legally transfer assets outside of their name to other family members using trusts and other strategies, they can lower their net worth and countable resources so they can qualify for the benefits of Medicaid without completely losing access to the wealth they have worked hard to accumulate. Medicaid planning is this method of “repositioning” your assets so that you don’t technically own them in your name, and they won’t count against you when you go to apply for Medicaid. If you live in or near Galveston, Texas, the best way to approach Medicaid planning is with the help of an experienced Galveston Medicaid planning lawyer who can explain how the process works and handle all the paperwork for you.
Why Should You Plan For Medicaid?
Many seniors over 65 require assisted living. Every year you live past 65, the chances of you needing long-term care grow, and Texas nursing homes cost about $80,000 yearly. Considering that the median average income for retired Americans age 65 and older is around $47,000, that’s a lot of money. It’s more than most seniors can reasonably afford, particularly when taking into account seniors whose only source of income is Social Security and who are on a fixed income (and dealing with the current inflation and high costs of the economy).
Medicaid planning helps you to keep the money you’ve worked hard for and prevents your family from having to go into debt to get you the care you need. By securing your assets with various legal tools, you can avoid having to pay anything out of your pocket or your family’s pocket, and get your care covered by federal aid.
Planning for Medicaid should happen early, because Medicaid has a five-year “look back” period where any gifts and most transfers of assets are considered in the application process and can hinder your eligibility. When you are over 65, illness and injuries are more likely to occur; none of us are promised a healthy tomorrow, which is why like any other form of estate planning, Medicaid planning should be a priority for today, before it’s too late to preserve your legacy from the high costs of long-term care.
What Can A Galveston Medicaid Planning Lawyer Do For You?
Our Galveston Medicaid planning lawyer can help you through this process by identifying your exact needs, explaining your options, and then creating the personalized tools you need to get Medicaid coverage without losing control of your assets. Attorney Michelle E. Murphy can….
- Tell you how Texas state laws apply to your situation
- Advise you as to which type of Medicaid you should apply for based on your needs, as there are different types of Medicaid programs available to seniors in Texas
- Help you explore alternatives to Medicaid that can supplement costs
- Change non-exempt assets to exempt assets through the creation of trusts, the transfer to spousal annuities, and through other methods
- Complete and submit your Medicaid application without errors when you need to apply
- Gather supporting documentation for the application
- Appeal a rejection of your application, if necessary
- Create other estate planning tools, such as advance directives or powers of attorney, that can clarify your wishes for healthcare if you are no longer able to make those choices for yourself
- And more.
Why Choose The Law Office Of Michelle E. Murphy For Medicaid Planning?
Your family, your legacy, your quality of life, and your peace of mind – those are all of the things that Medicaid planning secures. When it comes to such an important and sensitive legal process, the law firm you choose to work with can make a difference in how confident you feel in your preparation! Galveston Medicaid planning lawyer Michelle E. Murphy knows how personal legal issues of retirement and finances can be, so she takes an equally personal approach to legal advocacy. She believes in promoting stability for you and your family and cares deeply about your future. Because she has over 20 years of legal experience helping seniors navigate the complex Medicaid landscape, she knows all of the ins and outs of the process and can simplify your way forward. Her ability to serve clients virtually can provide convenience, and she offers free initial consultation to prospective Medicaid planning clients in Galveston. You can get to know her and learn more about what she can do to serve you. Call today to schedule your free consultation!
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