MEDICAID PLANNING
MEDICAID PLANNING
Florida Medicaid Planning Lawyer
Compassionate When You Want It; Aggressive When You Need It.
Medicaid Planning:
As you age, there are actions you can take to best prepare yourself and your financial assets for the possibility of nursing home or long-term care. It is extremely important to get your estate planning documents in order in case of sudden illness or incapacity. Having an up-to-date estate plan is invaluable in long term care planning. A proper estate plan includes, but is not limited to, having the following documents in place:
- Revocable Trust (or any other necessary trust)
- Will
- Durable Power of Attorney
- Health Care Surrogate
- Living Will
Legal Documents Associated with Qualifying for Medicaid: Medicaid Asset Protection Trust:
As you age, there are actions you can take to best prepare yourself and your financial assets for the possibility of nursing home or long-term care. A Medicaid Asset Protection Trust (MAPT) is an irrevocable trust that if done properly can shield your assets from Medicaid and preserve them for your family. There is a five year waiting period, so proper planning ahead of time is necessary.
Personal Service Contracts:
This type of contract is between a Medicaid applicant and their ‘caregiver,’ such as a family member. It allows for the applicant’s caregiver/family member to charge for their services in taking care of that person.
Qualified Income Trusts
A Qualified Income Trust is specific type of trust that will accept income in excess of the government allowances. In other words, if you need Medicaid benefits in order to pay for long term care, but your income exceeds the allowed limit, then this type of Trust could be very useful to you.
How Can I Protect My Assets When Entering an Assisted Care Facility?
Let Us Earn Your Trust
When it comes to planning for what’s ahead, let us help you! With more than 20 years of legal experience, we can make these difficult processes much easier for you and your family. The legal issues that affect senior citizens are numerous and require special attention. Trying to do it yourself can be stressful, time consuming, and may leave you with unintended results. It is very important to have expert advice and careful planning in order to successfully navigate estate planning and long-term care concerns.
Free Consultation
In order to allow new clients to meet the attorneys, we provide you with a free initial consultation to ask questions before any fees are charged.