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What You Need to Know About Medicaid Planning

August 23, 2018

Long term care is extremely complicated and very expensive and simple errors in your planning or in the submission process can cost you in a big way. The motivations behind Medicaid planning are to be as organized as possible and to ensure that you get the support that you need when you need it most. Medicaid crisis planning can still be effective; however, it is far better to work many years in the future towards establishing a Medicaid plan that considers all of your unique needs and family dynamics.

Doctor’s hands with health care words isolated on white

The sooner that retain the services of an estate planning attorney who works in the area of elder law and helps numerous people with target Medicaid plans, the more confident you will feel about your own future. A Medicaid planning attorney will understand the complexity associated with resources, monthly income and financial eligibility limits. They will also advise you on how to use different tools such as trusts to ensure that your assets are protected. Every state has different Medicaid rules, which is why you should work with an attorney in your individual state.

Some of the most common reasons to engage in Medicaid planning sooner rather than later are to ensure that a family’s limited assets are protected and to have peace of mind that the next generation can afford an education or live in a home, to ensure that a healthy spouse staying in a home will still maintain financial resources and continue to do so if you need to leave the home and receive care in a facility, and because the process of applying and having your case reviewed is very time consuming.

A Medicaid planner who knows the ins and outs and also the common missteps and problems associated with this process will help to protect you and your loved ones for many years to come. You can never anticipate when you may experience a challenge that could leave you incapacitated or in need of long term care. So, make sure that you have an attorney at your side as soon as possible.

 


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Schedule your free Exploratory phone call

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Recent Posts
Do You Owe The AMT?

American educational reformer Horace Mann called education “the great equalizer.” In football, it’s been said ...

See more
What is the Value of Your Business?

In the second quarter of 2023, more than 2,300 small businesses were sold. The median ...

See more
Immediate vs. Deferred Annuities

Despite not being as well known as some other retirement tools, annuities account for 6.5% ...

See more