Medicaid planning is something that almost everyone needs to do. As the Wall Street Journal explains, more than 70 percent of people who are over the age of 65 will end up needing nursing home care. If you haven’t put a Medicaid plan in place, getting nursing home care could end up causing you to lose all your wealth and to lose the ability to leave a legacy.
The Law Office of Michael Robinson, P.C. can provide personalized help making a Medicaid plan. You do not want to wait to put your plans in place, so you should give us a call today to find out about the assistance that we can offer with the Medicaid planning process.
Why You Can’t Afford to Wait to Make a Medicaid Plan
There are many reasons why it is important to take action quickly to make a Medicaid plan.
First and foremost, you never know when you might end up getting sick or hurt and needing nursing home care. A stroke or other serious health issue could affect you at any age and leave you unable to live by yourself any longer.
If you need custodial care, or basic routine help with activities of daily living due to your medical condition, you will not be able to get this care paid for by most private insurance or Medicare — but the care is very expensive. If you must pay out-of-pocket for it, you could find yourself in a situation where you spend all of your money and even are forced to sell assets.
The creation of a Medicaid plan allows you to avoid this by ensuring that you can get means-tested Medicaid benefits to pay for your care without you first having to spend all of your wealth.
You do not want to wait too long and lose the opportunity to protect your assets because if something happens to you and you need care right away, it may be too late for you to put plans in place. While The Law Office of Michael Robinson, P.C. can help with crisis planning to preserve as much of your wealth as possible, you still need to be proactive in making advanced plans if you want to maximize the value of the assets you can protect.
It is also important to make a Medicaid plan to protect wealth because there is a five year lookback rule when you try to apply for Medicaid to cover the costs of your care. Under the five year lookback rule, if you made transfers of assets below market value or gave assets within five years of trying to get covered by Medicaid, you could end up facing a period of disqualification.
You could be disqualified from Medicaid coverage for the number of months equal to the total value of assets you gave away divided by the average monthly cost of a nursing home in your area. During this disqualification period, if you needed care, you’d likely have no choice but to spend your own wealth on it and would thus significantly reduce the amount of money and property that you have to serve as your legacy.
The Law Office of Michael Robinson, P.C. can provide help today so you don’t have to worry about your assets being at risk if you get sick and must move into a nursing home.
Getting Help from Medicaid Planning Attorneys
Medicaid planning attorneys at The Law Office Of Michael Robinson, P.C. can provide personalized one-on-one advice specific to your situation. We can help you to determine if you need to make a Medicaid plan and can work closely with you to put the right plans in place so you can ensure your wealth is protected and your legacy is secure.
To find out more about how The Law Office of Michael Robinson, P.C. can help with your Medicaid planning process, join us for a free seminar. You can also give us a call at 585-374-5210 or contact us online to get personalized assistance with the Medicaid planning process.
- Business Succession Planning May Be Easier than You Think - June 1, 2022
- Estate Planning – Something You Shouldn’t Do Yourself - May 18, 2022
- Just When You Thought You Understood the 10-Year Rule, Think Again - May 11, 2022