If you want to qualify for Medicaid when you get older, that’s going to require some forethought. Long-term care and nursing homes can be expensive. If you do not want your family’s assets to get completely used up because you need care, then you should talk to our Washtenaw County Medicaid planning attorneys. We can help you figure out how to safeguard your assets while qualifying for benefits that can address the cost of care.
Can Setting Up a Trust Be Enough For Medicaid Planning?
A trust can be a good way to protect assets. If you put assets in an irrevocable trust, one that you do not control and cannot change the rules of, they can be seen as separate from the rest of your property that has not been placed in the trust. So you put those assets in a trust, allow your family to still use them, and then apply for benefits without worrying that those assets are going to count against you.
Are There Other Ways to Deal With Assets in Medicaid Planning?
Another good way to protect assets is by giving them away while you are still alive. You can pay off your debts and prepay any bills that could come up, like your funeral costs. You can also give people gifts, transferring their inheritances to them early. By the time you need Medicaid, you could end up having few assets to speak of.
When Should Medicaid Planning Start?
As early as possible. We do not know when we’ll suddenly become unhealthy and unable to care for ourselves. If you do not start Medicaid planning early enough and you end up getting sick and needing long-term care, you would have to use your own assets to pay for your medical expenses. Eventually, this could result in your entire estate getting essentially used up.
The bottom line is that Medicaid planning is a necessity if you want to be sure that you can leave something behind for your loved ones. You do not want to be forced to pay out of pocket or have Medicaid come back later to claim assets as reimbursement.
Should I Hire a Lawyer?
We do recommend talking to a lawyer if you plan to go this route. Making even one simple error can jeopardize your qualification for Medicaid. There are also potential legal complications. If you decide to plan on your own and do something incorrectly, that can mean fines, restitution, or even time. You are better off talking to a lawyer who can tell you if this is the right move for you and your family.
Contact Our Law Firm
If you have been looking for an experienced attorney who can help you with Medicaid planning, your search has ended. Contact Collis, Griffor & Hendra to schedule a consultation with our team. We’re ready to help you make a plan to protect your assets so that you can leave something for the next generations.
