Medicaid can be very beneficial in providing for long-term medical care. However, Medicaid often requires people age 65 and older to meet strict eligibility criteria. The eligibility rules can be quite complex and can differ between regions in a single state and change depending on a person’s health status. Medicaid planning is therefore highly beneficial for individuals and spouses who may not qualify for Medicaid because their income or asset levels are considered too high. The Millman Law Group is prepared to assist in Medicaid planning in Boca Raton to ensure that everyone can benefit from the care that Medicaid can provide. The Millman Law Group was founded in 2018 by Aaron D. Millman, Esq., CPA, to provide patient and knowledgeable services to our clients. If you believe you can benefit from Medicaid planning, contact The Millman Law Group today to discover how we can help.
When to Work With The Millman Law Group
There are certain conditions in which working with a law firm for Medicaid planning is best. Three standard examples include:
- If both spouses require care. Without proper planning, this situation can bankrupt a household.
- If only one spouse requires care, but the other plans to leave the family home. At least one spouse must remain in a home, or the home must meet certain equity limits for it to remain protected.
- If an elder is looking to preserve specific assets for their heirs. It is best to begin Medicaid planning when this person is still healthy because it allows them to consider numerous solutions.
If you are not sure of your Medicaid eligibility, contact the experts at The Millman Law Group to discuss your options.
How Medicaid Planning Protects Your Assets
Medicaid has firm limits on income and assets that must be met for acceptance to the program. Depending on your finances, you may be forced to liquidate assets before you can qualify for Medicaid and benefit from their services. When you utilize Medicaid planning in Boca Raton, you can minimize the possibility of liquidation or avoid it altogether. Your Medicaid planner will:
- Handle asset transfers
- Create trusts
- Protect family homes
- Manage finances
- Convert income-producing assets into exempt assets
These actions will protect your family’s resources while helping you meet eligibility requirements.
Start Medicaid Planning Early
It is best to start planning for your long-term care when you’re healthy and have more time to spare. The Medicaid application process can be extensive, and in Florida, it can take 30 to 60 days to process a Medicaid application, not to mention the time it may take for the individual to receive a spot in the Medicaid program. This can be a tight deadline to meet if you are in urgent need of Medicaid funding.
Having a plan in place with a knowledgeable estate planning attorney can help you qualify for Medicaid when the time comes. If you don’t have long-term care insurance in place, Medicaid planning in Boca Raton can help prepare you for the future.
Contact The Millman Law Group For Medicaid Planning in Boca Raton
Millman Law Group, PLLC is one of the only law firms that offers life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team specializes in special needs trusts and catering to any age demographic because we know that it’s never too early to start preparing for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, LinkedIn, and Pinterest. You can also contact us at 561-463-6480.