Medicaid is often an essential tool that helps provide for long-term medical care. However, Medicaid requires that people age 65 and older meet strict eligibility criteria. These criteria can be complex and differ between different regions of a single state and may change depending on a person’s health. Because of this complexity, Medicaid planning is beneficial for individuals and their spouses that may not initially qualify because their income or assets are deemed too high. The Millman Law Group is ready to help with your Medicaid planning in Boynton Beach to ensure that you benefit from Medicaid’s care. The Millman Law Group was created in 2018 by Aaron D. Millman, Esq., CPA, to provide expert and patient services to our clients. If you think you can benefit from Medicaid planning, contact The Millman Law Group to learn more about how we can help.
When To Partner With The Millman Law Group
There are specific situations where Medicaid planning with a lawyer is best. Three common examples include:
- If one spouse requires care, but their partner plans to leave the family home. At least one spouse must reside in a home, or the home must meet specific equity limits to stay protected.
- If both spouses require care. Without a proper plan, this could bankrupt a family.
- If an elder is looking to preserve certain assets for their heirs. It is best to start Medicaid planning when this person is healthy because it permits them to consider multiple solutions.
If you are not sure whether you qualify for Medicaid, reach out to The Millman Law Group to discuss your options.
How Medicaid Planning Helps Protect Your Assets
Medicaid places limits on income and assets that must be met for acceptance into the program. Depending on your finances, you may have to liquidate your assets before qualifying for Medicaid and receiving their services. When you use Medicaid planning in Boynton Beach, 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 can protect your family’s resources while helping you meet all of your necessary eligibility requirements.
Get An Early Start When Medicaid Planning
It’s best to start planning for long-term care needs when you’re healthy and have time to spare. The Medicaid application process can be time-consuming, and it can take 30 to 60 days to process your application in Florida. This is all before you consider the time it may take a person to finally receive their spot in the Medicaid program. This can be a tight deadline to meet if you urgently need Medicaid services.
Putting a plan in place with an experienced estate planning attorney can help you qualify for Medicaid. If you don’t have long-term care insurance in place, Medicaid planning in Boynton Beach can help you secure your future.
Contact The Millman Law Group For Medicaid Planning in Boynton Beach
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.