Adjusting Your Assets for Medicaid? | Monroe Township - Middlesex County
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Adjusting Your Assets for Medicaid?

July 25, 2017

Filed under: Uncategorized — Neel Shah @ 9:15 am

Planning ahead for Medicaid is an obvious step that most people in retirement contemplate at least once. Don’t fall for the assumption that Medicare and Medicaid will automatically cover all your expenses if you suddenly find yourself in need of long-term care. advanced Medicaid planning attorney

Medicare only covers certain expenses and Medicaid kicks in only once you have limited assets. If you’re new to the planning process, it might seem like the right choice is to give away as many of your assets as you can in order to meet Medicaid requirements, but doing this without the help of an estate planning and elder lawyer could be a mistake. Making gifts to someone for the purposes of spending down your assets within five years of applying for Medicaid looks like an attempt to skirt requirements and can lead to penalties for a person applying.

That’s why any advance planning for Medicaid should be done with the help of a lawyer. The good news is that there are legal and accepted ways in which to spend down your assets, but you need a long-term plan and the insight of someone who understands the Medicaid landscape. Trusts, long-term care insurance, and annuity purchases are just a few of the ways that you can legally add diversity to your estate plan and keep an eye towards qualifying for Medicaid in the future. It’s important to check references for anyone you’re planning to work with for Medicaid purposes.

Given the complexity of the rules and regulations and the fact that some dubious individuals in the market try to sell a broad-range of confusing products to the growing baby boomer population, doing your research and making sure the professional you choose to work with. Verifying his or her credentials and asking for references from former clients is a great way to find out if the person you’ve chosen to work with is reputable and the right fit for your needs.

Since long-term care expenses can put a significant dent in your assets, Medicaid planning in advance is well worth it. Talk to an experienced lawyer to learn more.

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