What Is Medicaid Crisis Planning? | Monroe Township - Middlesex County
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What Is Medicaid Crisis Planning?

January 21, 2019

Filed under: Estate Planning — Neel Shah @ 9:15 am

Perhaps you are a loved one of adult elderly parents who may be in need of nursing home support and assistance or perhaps you are trying to help a friend who may need to go into a nursing home very suddenly.

Hole torn in a dollar bill with medicaid text

Paying for nursing home costs unexpectedly can quickly destroy a lifetime of savings. Long-term care costs can eliminate everything that you’ve accumulated over the course of your life. This means that it is important to retain the services of an experienced Medicaid crisis planning lawyer.

Medicaid crisis planning involves helping a person in a nursing home to save some of the assets before these are eliminated. A combination of strategies can be used in Medicaid crisis planning that can protect tens of thousands of dollars. Some of the strategies include assistance with the application process, understanding state statutes on Medicaid, and compliance with federal Medicaid law.

Relevant factors in a Medicaid crisis planning situation include the age and health of the estate owner, individual family circumstances such as divorce, the type of assets currently inside the estate and the value of assets currently inside the estate. A knowledgeable elder law attorney should step in quickly because timing is critical in Medicaid crisis planning. The sooner that you are able to take action, the more money can be saved.

Even if you have already been engaged in the spending down process for some time, if you still have significant assets to protect but are looking to go into a nursing home very soon, you need the support of a lawyer who will help you with this planning process.

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