Your Adviser For Medicaid Planning And Other Elder Law Matters
Many adults can expect to live long enough that it becomes necessary to move into a long-term care facility someday. But nursing homes and assisted living facilities are extremely expensive. Very few families can afford it without Medicaid assistance.
Medicaid is a need-based program. Qualifying can be a complicated process, but careful planning makes it possible without impoverishing yourself or your loved ones. The Kaplan Firm can show you how.
Our attorney, Mary Kaplan, has more than two decades of experience in elder law, including Medicaid planning. She will show you the strategies you can use to put yourself in the right financial position if you ever need Medicaid assistance with paying for nursing home care. These generally include things like spending down assets and hiring one of your adult children as a caregiver.
How Do You Get Started With Medicaid Planning?
The Medicaid planning process is complex and requires careful arranging ahead of time. We can advise you on the best way to get started based on your current age, marital status, income and wealth.
What Is Medicaid Spend Down?
If your income and the value of your estate are over Medicaid’s limits for qualification in Florida, you can spend down to qualify. You can do this by putting part of your monthly income or assets like a retirement account into paying medical expenses, such as hospital bills.
Medicaid generally does not count your home, vehicle or personal property, so you do not have to sell or give away everything you own. You can also place assets into a qualified income trust (QIT) to help bring your finances into line for Medicaid.
For 2022, the income and asset value limits for Florida are $241 per month in income and $6,000 in assets for a married couple, or $180 per month and $5,000 worth of assets for an unmarried individual. These are very strict limits, but we can help you spend down properly so that you qualify without depriving yourself of a comfortable lifestyle.
How Is Elder Law Different Than Estate Planning?
Estate planning mainly concerns passing on your assets to your chosen heirs and beneficiaries. By contrast, elder law is about protecting yourself (or a senior family member) in your old age.
If you or a loved one is having problems with their health care benefits or Social Security, or if you have been the victim of elder abuse or a scam targeting seniors, an elder law attorney can help you set things right. In addition to estate planning, our attorney has extensive experience in elder law. We help seniors restore financial stability and get out of abusive situations.
Smart Planning For Peace Of Mind
When done properly, Medicaid planning can give you and your family a great sense of relief. No matter what happens in the future, you or your parent will receive top-notch care without sacrificing the entire inheritance. Attorney Mary Kaplan is known in the area for her work in elder law, and frequently is a guest speaker for webinars and seminars that cover strategies to plan for long term care.
To learn more about Medicaid planning, contact The Kaplan Firm to schedule a consult at our Orlando office. Call 407-863-6175 to get started.