As you age, it is important to plan ahead for the future, especially if you hope to lean on the benefits provided under state and federal Medicaid. Many folks rely on these benefits as the costs for necessary nursing home care, long-term assisted living facility care, and even in-home care are quickly increasing. However, obtaining eligibility can be difficult, especially if you have a higher net worth or own valuable assets. A Plymouth Medicaid planning attorney can help.
As you age, learning you do not qualify for Medicaid or MassHealth in the state of Massachusetts, can leave you with financial and physical consequences that can devastate your health and your security. It is essential, therefore, that you work with an experienced estate planning lawyer who understands the legalities of Medicaid and can help you remain eligible, no matter your wealth or the value of your assets.
At Albanese Law, LLC, we offer personalized service to help meet your unique needs and ensure you receive the care you deserve after living a long and healthy life. We know how crucial this care is and how frightening it can be if you are unable to receive it. No matter your current age or health status, it is wise to begin Medicaid planning so that you may enter your golden years with confidence, knowing you will receive the care you potentially may need.
At its core, Medicaid planning is the legal process of strategically managing and allocating different assets in order to meet the requirements for MassHealth and not exceed the monetary limits often involved with eligibility. Medicaid planning can ensure you have a plan in place that can consider both current and future healthcare needs and work to protect your access to potential care later in life. This can be a complicated process, and legal help is essential.
The main purpose of a comprehensive Medicaid plan is to ensure that you or certain members of your family have the ability to receive necessary medical care without harming your financial assets and resources. You may look to employ strategies that can help make certain assets exempt from becoming involved in the Medicaid eligibility process.
When you work with the team at Albanese Law, LLC, you can rest assured knowing we can review your situation and work to employ the correct strategy in your Medicaid plan. These strategies can include the following:
In doing so, this allows these assets to be converted from countable to uncountable income. However, it is important to keep in mind that annuities can be extremely complex and often require careful review and consideration before choosing these as your Medicaid planning tool. At Albanese Law, LLC we can review your situation and help determine whether setting up annuities is the right option for you and your loved one.
Additionally, in a QIT, the income transferred into this trust can only be utilized for limited purposes or to cover certain expenses.
Though there is no limit to the value of assets which can be held in your Medical Asset Protection Trust, the assets must be transferred into the trust within the lookback period of Medicaid.
The team at Albanese Law, LLC can assist you with developing a plan for spending down income in order to qualify for Medicaid benefits while still protecting the money for the benefit of you or your spouse.
When you work with the team at Albanese Law, LLC you can rest assured we can do everything in our power to ensure your assets and wealth are protected while ensuring your health is likewise safeguarded through eligibility to MassHealth benefits. We can also help look into certain, last-minute crisis plans which can help your loved ones save thousands in the event of a medical emergency.
We understand both elder law and the complex laws of Medicaid planning within an estate plan and are ready to help you and your family meet your long-term care goals.
Get out ahead of your future and begin your Medicaid planning today. If you hope to qualify for these necessary benefits later in life, it is vital that you ensure you can meet the eligibility requirements while still protecting the assets and wealth you have worked so hard for. Contact the offices of Albanese Law, LLC today and schedule your consultation to see how we might be of service to you and your loved ones.
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