Brockton Medicaid Planning Attorney

In Massachusetts, the joint federal and state healthcare program Medicaid is known as MassHealth. This program is created to help folks with a lower income or limited financial and medical resources to obtain the long-term healthcare they may be in need of. Because this program is based on the financial means of applying individuals, certain conditions must be met to qualify. With these complexities involved, a Brockton Medicaid planning attorney can help.

No matter your age or current health condition, it is wise to plan ahead. At Albanese Law, LLC, we can come alongside you no matter your life circumstances and help you plan for both your future and your potential medical or healthcare needs. We help clients from all walks of life create comprehensive estate plans, which can include tools such as Medicaid plans. Allow us to help you get the care you require via a nursing home, long-term care facility, or even at home.

What Is Medicaid Planning in Massachusetts?

At its core, Medicaid planning allows you to strategically arrange and manage assets in order to meet the eligibility requirements for MassHealth while still protecting these assets and your future legacy. It can include the creation of a plan that can take into consideration both your current and future healthcare needs and any long-term expenses that may arise later on in life.

The goal of a comprehensive Medicaid plan is to offer you and certain loved ones the necessary access to healthcare without depleting or harming your personal finances. The strategies often involved in Medicaid planning often rely on understanding the legalities of various asset protections or exemptions.

Becoming eligible for Medicaid can be a difficult and confusing process, and many individuals will fail to meet the asset or income requirements, having holdings that make them exceed the limit and, therefore, become unable to access these necessary benefits later on in life. Thankfully, there are several strategies that can be implemented to help you meet the strict requirements when and if Medicaid or MassHealth benefits become necessary. These strategies include:

• Spend Downs: One smart way to reduce certain assets that may be counted against you when seeking Medicaid benefits is to spend the actual money, which limits your ability to obtain Medicaid. This can happen through making certain home improvements, giving annual gifts to individuals or organizations, as long as these gifts do not exceed a certain dollar amount, and paying down debt.
• Annuities: In situations where only one spouse in a couple is seeking Medicaid, this might be an effective Medicaid planning method for reducing assets countable for the applying spouse. In this situation, a lump sum is paid to an insurance provider, who then can begin making monthly payments to the spouse not applying for benefits, converting the assets of the applying spouse into income deemed non-countable.
• Medicaid Asset Protection Trusts: This Medicaid planning tool is a form of irrevocable trust in which assets, including property such as your home or a vehicle, are transferred and no longer considered to be your actual property.
• Irrevocable Funeral Trusts: These trusts are not considered your personal assets when it comes to Medicaid eligibility. In this form of trust, the couple or individual who creates the trust transfers money into that trust, and that money can only be used to pay for funeral arrangements and burial expenses. If your Irrevocable Funeral Trust is properly created, it can help you meet the asset requirement.
• Qualified Income Trusts: If you exceed the income requirement but meet the asset requirement of Medicaid, you can look to establish a qualified income trust or QIT. In this legal arrangement, any income that happens to exceed the eligibility requirements is transferred into the trust, but this trust cannot be modified or terminated, meaning it is irrevocable. Further, the income in the trust can only be used for certain things.

What Are Countable Assets in Medicaid Planning?

When applying for Medicaid, you might hear the terms “countable assets,” or assets that the government deems capable of being converted into money that can be used to cover medical care instead of being allowed Medicaid benefits. These assets can include:

• Personal finances or income
• Investment accounts
• Savings accounts
• Vehicles
• Real estate other than your primary home residence

However, you may also have assets that are considered “non-countable,” which simply means that they do not actually affect your ability to receive Medicaid benefits. These assets can include:

• Your home residence, with a few exceptions
• Certain household items or personal belongings
• Retirement accounts such as a 401(k) or IRA
• Life insurance policies with a certain face value

How the Attorneys at Albanese Law, LLC Can Help

When you work with the team at Albanese Law, LLC to assist with Medicaid planning, you can count on us to exhaust every legal option to protect the financial assets you have worked so hard for while still protecting your eligibility to receive necessary medical benefits through MassHealth. We know that proper long-term care calls for us to look into any potential strategy and also the tax consequences that might be involved in those strategies.

It is vital that you qualify for health benefits, which can save you thousands of dollars, all while keeping your assets and income intact for generations to come. When you work with Albanese Law, LLC to establish a Medicaid and asset protection plan, you can count on us to deliver the following services:

• Protecting your home in asset protection strategies
• Working to offer personalized help with any MassHealth applications
• Evaluating your personal eligibility for MassHealth
• Looking for strategies to help with eligibility that can avoid a total spend down of all your assets
• Helping with any potentially useful medical annuity planning

With over a decade of experience in both the public and private sectors, the team at Albanese Law, LLC can assist clients through the legal issues involved in Medicaid planning and elder law and help ensure that you or your loved ones are cared for and that their legacy remains intact for years to come.

Speak with a Trusted Medicaid Planning Attorney in Brockton, MA, Today

When looking for a Medicaid planning attorney, it is wise to search for a team of trusted legal professionals with the knowledge, experience, and compassion necessary to implement the correct tools according to your unique needs. At Albanese Law, LLC, we are committed to understanding your situation and addressing the needs of both yourself and your loved one. To learn more about how we might help with your Medicaid and estate planning, contact us today.