Spokane Medicaid Planning Lawyers
There are two public health systems created by the federal government to help qualifying individuals afford medical care. Medicare and Medicaid are distinctly different, yet they combine to create a dilemma when it comes to planning for your future. You may be entitled to Medicare based upon age or disability, but it does not cover long-term care. Though Medicaid does pay for assisted living, it is a needs-based program that disqualifies many people who earn or own too much. The dilemma is that you would have to spend down your assets just to be eligible for Medicaid benefits.
However, there are options for Medicaid planning that help you retain the value of your estate during your lifetime and protect your legacy at death. At Moulton Law Offices, we can assist in developing a strategy that maximizes your eligibility for Medicaid without becoming destitute. Please contact our firm to set up a consultation with a Spokane Medicaid planning attorney who can describe options. An overview is also useful.
Background on Medicaid Planning: Experts estimate that 70 percent of adults aged 65 years or older will need some form of assisted living environment during their lifetimes. It is harsh to realize that you worked hard to build your wealth for today and beyond, just to find that these efforts harm your interests if you require long-term care. Unless you take timely action, you will not qualify for Medicaid and will be paying out of pocket.
Medicaid planning involves strategies to reduce what Centers for Medicare and Medicaid Services (CMS) counts when determining eligibility. The key is doing it legally, so do not be tempted to gift assets or sell items for far less than fair market value. There is a look-back period of 60 months, and CMS will review all transactions during this time. Any violation of the rules could lead to a transfer penalty.
Options for Medicaid Planning: There are multiple ways to protect your assets from CMS calculations, and Moulton Law Offices will handle strategy. Our Washington Medicaid planning lawyers can explain the pros and cons for your unique circumstances, particularly on two commonly used options:
1. Personal Service Contracts: You might opt to create an agreement with a caregiver who can provide basic, non-medical services and support. In it, you establish a price that you pay for the services, which shrinks your net worth in CMS’ view.
2. Medicaid Asset Protection Trust: A MAPT is an irrevocable living trust in which you hand over all ownership and control over assets to have them not counted for Medicaid. A trustee manages all property you transfer into the trust, though you may still retain some income rights.
Trust a Spokane Medicaid Planning Attorney to Advise You on Options
Rules on Medicaid eligibility are strict, but there are strategies to maximize your benefits and protect assets for your spouse and family. For additional details, please contact Moulton Law Offices to schedule a case assessment with a Washington Medicaid planning lawyer. After we review your situation, we can discuss how to proceed.
