AREAS OF PRACTICE: ESTATE PLANNING  /   ISSUES AT PASSING  /  TRUST ACTIONS  /  MEDICAID PLANNING

      Medicaid Planning

MEDICAID PLANNING FOR INDIVIDUALS

Understanding Long-Term Care
For individuals aged 60 and above, or those facing health challenges requiring long-term care, understanding Medicaid planning is essential. Despite common misconceptions, Medicare coverage for long-term care is limited, often leaving patients responsible for significant costs beyond the initial 100 days.

Exploring Coverage Options
Given the high expense of long-term care insurance, exploring coverage options in your mid-50s to early 60s is advisable. Our team at Sullivent Law Firm is dedicated to guiding you through this process, ensuring you understand your options and make informed decisions.

Medicaid planning is especially important if you are:

✔ Aged 60 and above

✔ Facing health challenges that require long-term care

Expert Guidance for
Long-Term Care Needs

Medicaid planning may involve creating a specialized trust to protect assets while ensuring eligibility for long-term care benefits. However, strict regulations, including a five-year financial lookback, underscore the importance of early planning.

When it comes to navigating the complexities of Medicaid planning and long-term care, it’s crucial to seek the guidance of an attorney who truly understands the intricacies of these areas. At Sullivent Law Firm, our team understands the intricacies involved in Medicaid planning and is dedicated to helping individuals and families effectively plan for their long-term care needs within the context of their estate plans.  

Long-Term Care Planning really goes hand-in-hand with estate planning. 

Many attorneys do not consider this element and families are surprised to learn how the estate planning did not protect from the substantial monthly expenses of long-term care of a loved one. When the circumstances are right, we assist our clients in planning for long-term care and how such services will be paid. A long-term care insurance policy is a good way to cover these costs, but if that is not available to you or not something you wish to purchase, we can help. 

In addition, if your parent or spouse suddenly needs long-term care and there is no policy to cover the monthly expense, we can assist in an emergency basis. There are strategies that can be used to preserve a person’s assets while at the same time allowing them to be admitted to long-term care and using government benefits to pay the monthly fee.

Start your medicaid planning journey:

Expertise in Medicaid Planning

Our attorneys possess a deep understanding of Medicaid laws and regulations, as well as the implications of long-term care on estate planning. Unlike many general practitioners who claim to offer estate planning services without the necessary expertise, we are well-versed in the nuances involved in creating effective strategies to protect assets while considering eligibility for Medicaid benefits.

A Personalized Approach

At Sullivent Law Firm, we prioritize personalized service and tailored solutions for each client. During strategy meetings, we forgo lengthy intake forms in favor of open, collaborative discussions aimed at understanding your unique circumstances, goals, and concerns. We leverage our knowledge and experience in estate planning to consider all relevant factors and develop a customized plan that aligns with your objectives.

Collaboration AND Support

We understand that Medicaid planning often involves multiple facets, including financial planning and insurance considerations. That's why, if needed, we collaborate with your financial advisor or CPA to ensure a comprehensive approach to planning. Whether you're exploring long-term insurance options or evaluating financial strategies, we're here to provide guidance and support every step of the way.

Frequently asked questions about medicaid planning

  • Medicaid planning involves strategies to protect assets while considering eligibility for Medicaid benefits, particularly for long-term care. It is typically recommended for individuals aged 60 and above or those facing health challenges that may require long-term care. By strategically managing assets and income, individuals can secure their future while preserving assets for their loved ones.

  • Our experienced attorneys can provide invaluable guidance on Medicaid planning strategies, including the creation of purpose built and asset protection techniques. We can navigate the complexities of Medicaid laws, ensure compliance with regulations, and help you make informed decisions about your future.

  • It is advisable to start Medicaid planning in your mid-50s to early 60s, or earlier if you have a family history suggesting a need for long-term care. Early planning allows you to explore coverage options, understand eligibility requirements, and implement strategies to protect your assets.

  • The five-year lookback period is a Medicaid requirement that examines an individual's financial transactions for the five years preceding their Medicaid application. Transfers of assets made within this period may result in a penalty period of Medicaid ineligibility.