The Florence Medicaid attorney at The Potter Law Firm is experienced in Medicaid planning and can assure you that all of our planning strategies are absolutely legal and ethical. While many people see Medicaid planning and asset protection as an exercise in hiding assets from the government, that is not what Medicaid planning entails. Our Florence Medicaid attorney is here to guide you through an entirely ethical and very useful process.
Full Disclosure is Always Practiced
Our Florence Medicaid attorney does not practice hiding assets. In fact, we operate with complete disclosure of all transactions relevant to Medicaid. When the Medicaid application is filed, complete disclosure of all assets is required in order to prevent committing a federal crime. Instead, our attorney can help you to shelter and protect your assets from unnecessary loss and liability using acceptable legal strategies.
Medicaid Planning is Similar to Income Tax Planning
Much like income tax planning, Medicaid planning includes taking advantage of the existing laws to protect your financial wealth. Income tax planning involves exploring legal and applicable deductions, credits, and other methods for saving taxes. These are strategies all citizens are entitled to use. With income tax planning, you can invest in tax-free bonds and other investment tools, as well as retirement plans and other strategies for minimizing income taxes while maximizing your control over your assets.
Medicaid Planning is Similar to Estate Tax Planning
One of the common goals of comprehensive estate planning is to minimize estate tax liability and probate costs. This is accomplished using legal and ethical strategies and taking advantage of the existing laws that allow for asset protection. Much like income tax planning and Medicaid planning, estate planning allows clients to reduce the amount of money that needs to be paid to the government and it is 100% legal.
How to Protect Your Assets with Medicaid Planning
You may be surprised to hear that the Medicaid program pays for the majority of the long-term care that is received by seniors in the United States. Why would this be the case when most people are going to qualify for Medicare? The answer to this question is a simple one: Medicare does not pay for assistance with your activities of daily living. Medicare will pay for covered medical expenses and convalescent care after surgery, but it will not pay for long-term custodial care. This type of care is very expensive, and most people cannot comfortably pay out-of-pocket. As result, many elders seek Medicaid eligibility, because Medicaid will pay for long-term care. Let our Florence Medicaid attorney help you with Medicaid planning.
Request a Consultation with our Florence Medicaid Attorney
Seven out of every ten seniors will eventually need long-term care so these expenses are something that most of us will face. Medicaid can provide a solution so that you to keep resources in the family. If you would like to discuss Medicaid planning with one of our licensed Florence Medicaid lawyer, let us know.
Why you need Medicaid Planning?
A lot of people are shocked when they hear about the fact that Medicare will not pay for a stay in a long-term care facility and they are further stunned when they find out exactly how much it costs to stay in a nursing home or assisted living community. The blow can be softened somewhat when your attorney explains to you that in many cases it is possible to qualify for Medicaid as a way to pay for living assistance. In fact, the vast majority of people who are in nursing homes are using Medicaid to pay for their care. While there is an upper financial asset limit of just $2000; your home does not count toward this limit.
There is no equity limit on your home at all if your spouse or a dependent child is going to be living in the home when you enter a long-term care facility. Another useful piece of information is that Medicaid is required to seek repayment for monies laid out to pay for the living assistance of an individual who has since passed away. However, the residence that you have left behind cannot be attached for repayment purposes if your spouse is still living in the home after your death.
If you have questions regarding living trusts or any other estate planning matters, please contact the experienced attorneys at The Potter Law Firm for a consultation. You can contact us either online or by calling us at (859) 372-6655 (Florence, KY) or at (606) 324-5516 (Ashland, KY) or for individuals in North Carolina at (704) 944-3245 (Charlotte, NC and Huntersville, NC).