Medicaid Planning Attorneys in Ypsilanti, Michigan
As people age, they need to determine what their financial future looks like. Individuals who are interested in qualifying for Medicaid need to plan in advance to ensure that they meet the financial criteria. With the help of the Medicaid planning attorneys at Collis, Griffor & Hendra, you can feel confident that any asset restructuring to qualify for these important financial benefits will be handled effectively. To learn more about how Medicaid planning can help you feel financially secure in your future, contact Collis, Griffor & Hendra today.
Asset Restructuring to Qualify for Medicaid
Medicaid can provide those who qualify with coverage for many health expenses that arise as they age. This can include medical expenses, the cost of a home health aide, or assisted living facilities. Sometimes, without the help of a Medicaid planning professional, individuals may find that they are not eligible for this type of coverage. With our help, we can restructure your assets in an effort to not only allow you to qualify for these benefits but also ensure your hard-earned money is protected. Some of the methods that we may utilize to restructure your assets for Medicaid planning include the following:
- Creating irrevocable trusts
- Transferring the title of your home to your beneficiaries
- Prepaying funeral expenses, paying off outstanding mortgages or other debts, etc.
Medicaid Planning in Advance
Something that many people are not aware of is how important it is to start thinking about Medicaid planning at least 5 years in advance. There is a common misconception that once you meet the age requirements, you will automatically qualify for Medicaid. However, this is not the case, so it is important to work closely with a Medicaid planning attorney that can assess your current financial situation and help you restructure accordingly. If you fail to start this process early enough, you can be subject to significant repercussions and fines that can be harmful to your financial situation. Therefore, it is essential that you do not hesitate to consult with the skilled legal team at Collis, Griffor & Hendra as soon as possible.
Some of the many ways people pay for their healthcare needs as they age include their private funds, private insurance coverage, veteran’s benefits, Medicare, and Medicaid. Medicaid is one of the options that is chosen quite often because it covers the entire cost of health care when it is administered by care providers who accept these benefits. In addition to providing medical care coverage, Medicaid also covers the high costs of assisted living facilities and nursing homes. It is also important to note that Medicaid has very strict eligibility requirements. Typically, only people with very few financial assets are eligible for these benefits. However, individuals who are able to restructure their assets through financial planning may be able to qualify for these benefits, so it is important to consult with an experienced elder law attorney.
Contact a Michigan Medicaid Planning Attorney
It is never too early to start planning for the future. Medicaid planning is an essential part of protecting and maximizing the financial resources that are available to you. To learn more about Medicaid planning and how we can help, contact Collis, Griffor & Hendra today to discuss your situation.