If you or a loved one think you may need Medicaid to help cover the cost of care in a nursing home or assisted living facility, planning well in advance can help you avoid spending down family assets to qualify. Even if you can afford your choice of facilities with no issues, there are important planning considerations.
Wilson Ratledge can help you navigate through the complex and stringent eligibility requirements through Medicaid planning, can advise on options for financing long-term care, and can even apply for Medicaid assistance on your behalf.
Medicaid pays expenses of qualified nursing home, adult care and assisted living facilities, but only when the individual’s assets have been depleted to just a few thousand dollars. In the past, you could sign over assets to family members to qualify for Medicaid assistance, but Congress has tightened the restrictions recently, meaning that any transfers should be evaluated by an experienced Medicaid planning attorney, ideally before the transfer occurs.
If you, your spouse, or an elderly parent will need assisted living care in the near future, it may be too late to make large gifts to prevent spending family assets on costs of care. However, the team at Wilson Ratledge can help you protect assets by using them for a number of different items, including prepaid expenses, repairs to home or purchase of a vehicle, which are generally protected from Medicaid spend down, and are transferrable to heirs.
If your situation allows you to plan more in advance, Wilson Ratledge can help arrange the gradual transfer of assets through allowable gifting limits and other strategies.
If Medicaid is not an option, we can help you look at other options, such as long-term care insurance, reverse mortgages, and more.
Medicaid laws are extremely complex, and differ state-by-state. Our team understands how Medicaid planning in North Carolina works, and we will work to make sure that your loved ones are cared for, and that planning is done properly.