There are Medicaid rules that have been implemented specifically to shield and protect the assets of the elderly and those with special needs. People who plan well enough in advance will have more options to aid in protecting their assets. A Medicaid planning attorney will help take the proactive route in planning for long term care and Medicaid expenses of a loved one.
What are some of the most common Medicaid planning mistakes made?
- Not Using An Attorney. One of the most common mistakes made in Medicaid planning is attempting to create a plan independent of an attorney. Failure to make a plan with an attorney elevates your risk for errors when planning the care needs and making asset protection arrangements. For example, eligibility needs of the Medicaid recipient can be denied if assets or wealth have been transferred within a certain look-back period.
- Waiting Too Long To Plan. Waiting too long to make a Medicaid plan is another common misstep. The earlier the person plans ahead, the more options the person has available to them. Most people think of the issue when the person becomes ill, but the ideal time to plan is before a major event occurs.
- Not Using Asset Protection. Not knowing the protections available is another common error made in Medicaid planning. There are all types of asset protection options available such as immediate annuities and spousal allowances that aren’t taken advantage of due to lack of knowledge.
- Taking Advice From Non-Legal Experts. While it is good to gather perspective from others, it is often not a good idea to rely on the advice of others where legal matters and assets are concerned. Be wary of advice solicited from others, and always seek the final opinion of a practicing attorney to avoid any costly planning errors.
What is the difference between a Medicaid attorney and estate planning attorney?
Medicaid planning attorneys have expertise in identifying what steps should be taken if the patient becomes incapacitated. The estate planning attorney focuses on the allocation and management of assets when the person dies.
What does a Medicaid attorney actually do?
A Medicaid planning attorney can help you maintain your finances while addressing the expenses associated with caring for a loved one who is incapacitated. The attorney can be instrumental in helping the individual save money. Applying the appropriate strategies will ensure that a loved one is getting the best possible care while existing resources are carefully managed to accommodate future care needs.
Why would you want to use a Medicaid planning attorney?
Care for an ailing loved one is expensive. Care provided for the elderly can be devastating to a household’s finances. In order to make sure that the highest quality of care is available to the individual, careful planning is necessary. A Medicaid planning attorney assists with those matters. They take into account the family’s needs and household finances when completing your Medicaid plan for your loved one.
With all of the applicable laws and protections in place to protect families, Medicaid attorneys can prove to be an invaluable resource. Their in-depth knowledge of the law and their ability to implement the appropriate strategies for supporting the care needs of the patients protects loved ones from financial distress. A disinterested third party can help you make the right calls and avoid any conflict of interest. Medicaid planning saves you money, protects your assets, and elevates the quality of care for your loved one.