Allaire Elder Law
Medicaid Benefits
Many elderly Americans fear the prospect of losing their home or needing to spend down their assets in order to qualify for Medicaid. Unfortunately, adult children of senior citizens can be faced with selling their parent’s home in order to qualify for Medicaid and other healthcare benefits. At Allaire Elder Law, our Medicaid planning attorney will work with you to help develop innovative solutions that can help elderly people keep their home and avoid depleting their assets.
Medicaid Planning Asset Protection
Did you know that nursing homes can cost between $120,000 and $180,000 a year? Make sure that you receive the benefits to which you are entitled under the Medicare and Medicaid program. We are able to employ a number of basic strategies and tools when helping you plan for Medicaid asset protection.
We can represent clients with the following planning tools for Medicaid in:
Irrevocable trusts
Pooled Asset Trusts
This is run by non-profit companies authorized by the state to manage and maintain such an account. This is typically funded either by a lump sum, or with monthly income, as an allowable spenddown method to maintain eligibility for benefits programs such as Medicaid.
Charitable Remainder Trusts
This is a specific type of irrevocable trust which generates income for the beneficiaries (one of whom may be the grantor), with the remainder of the assets, upon termination of the trust, donated to the selected charity/charities.
Reallocation of Assets
Why Hire a Medicaid Planning Attorney?
Most citizens pay for long-term care through Medicaid. Medicare is not the same as Medicaid and only pays for a portion of skilled nursing care during rehabilitation. Private insurance usually pays for even less! The result is that most people pay for long-term care out of their own resources until they become eligible for Medicaid. To be eligible, you must become financially eligible under the program’s guidelines. Most people need an experienced attorney well-versed in elder law to prepare their plan for long-term care. This is why so many people contact the Medicaid planning lawyer at Allaire Elder Law
It’s not just the elderly population that may find themselves in need of long-term health care. When disabled adult children or a disabled spouse needs long-term care, creating a trust or transferring assets may be an option to qualify for Medicaid. Our Medicaid planning lawyers can advise you on transferring assets from one spouse to another, establishing a special needs trust, or keeping your home without losing your Medicaid eligibility or benefits.
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Medicaid Attorneys
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Medicaid Coordinators
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Elder Law
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