Medicaid is an essential tool that can provide for long-term medical care. However, Medicaid has strict requirements for citizens aged 65 and older. These requirements can be complex and change depending on where you live and your health status. Because of the complexity, Medicaid planning is helpful for both individuals and their spouses that may not initially qualify due to their income or assets being deemed too high. The Millman Law Group has the skill and experience to help you with your Medicaid planning in Broward County, FL. Aaron D. Millman, Esq., CPA, established The Millman Law Group in 2018 to provide the expert care clients need when planning for their future medical care. If you want to benefit from Medicaid planning, reach out to The Millman Law Group to learn about our services.
When Should You Start Planning with The Millman Law Group?
There are a few situations in which we highly recommend you start Medicaid planning with your lawyer. Three examples include:
- When both spouses require care. Without an acceptable plan, managing this care can bankrupt a family.
- When one spouse needs care, but their partner wants to leave the family home. One spouse must reside in the house, or the home must meet certain equity limits to stay protected.
- When an elder is looking to preserve assets for their heirs. Start Medicaid planning when this person is healthy because it allows them to consider multiple solutions.
If you are not sure whether you qualify for Medicaid, reach out to The Millman Law Group to start exploring your options.
How Can Medicaid Planning Preserve Your Assets?
Medicaid places limits on a person’s income and assets and these limits must be met for acceptance into the program. Depending on your finances, you may have to liquidate your assets before qualifying for Medicaid and benefiting from their services. When you use Medicaid planning in Broward County, you can decrease the chance of liquidation or avoid it altogether. Your lawyer will have you:
- Create trusts
- Protect family homes
- Handle asset transfers
- Convert income-producing assets into exempt assets
- Manage finances
These actions can protect your family’s resources while helping you meet the eligibility requirements for Medicaid.
Start Early with Medicaid Planning
It’s best to start as early as possible when planning for your long-term care needs. If you start planning when you’re healthy, you have much more time to prepare for unexpected illnesses or issues in the future. The Medicaid application is time-consuming, and your application can take as many as 30 to 60 days to process in Florida. Then, it may take extra time for a person to receive their place in the Medicaid program. It can be a tight deadline to work with if you need Medicaid services quickly.
Working with an experienced estate planning attorney can help you meet Medicaid qualifications. If you don’t have long-term care insurance already in place, Medicaid planning with your lawyer in Broward County can help you create a secure future.
Contact The Millman Law Group For Medicaid Planning in Broward County
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.