Medicaid is a crucial tool that is used to help you obtain the long-term medical care you need. However, Medicaid has strict requirements for individuals 65 and older. These requirements are often complicated and can change depending on where you live and your current health status. Because of these challenges, Medicaid planning benefits people and their spouses who may not initially qualify when their assets or income are deemed too high. The Millman Law Group has the experience and skill to help you with your Medicaid planning in Highland Beach, FL. Aaron D. Millman, Esq., CPA, established The Millman Law Group to provide excellent care to clients when they are ready to plan for their future care. Contact The Millman Law Group to learn more if you are interested in professional Medicaid planning.
When to Start Planning with The Millman Law Group
There are a few situations in which we strongly encourage you to start Medicaid planning with your attorney. Examples of these situations include:
- When an elder is preserving their assets for their heirs. Start Medicaid planning when the person is healthy because it gives you time to consider multiple solutions.
- When both spouses require care. Without appropriate planning, arranging for his 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 property must meet specific equity limits to stay protected.
If you are unsure whether you qualify for Medicaid, contact The Millman Law Group to explore your options.
Save Assets with Medicaid Planning
Medicaid places a limit on a person’s income and assets, and the limit must be met before acceptance into the program. Depending on your finances, you may have to liquidate assets before qualifying for Medicaid and using their services. When you use Medicaid planning in Highland Beach, you can decrease the chance of liquidation or avoid it altogether. Your attorney can help you do this by:
- Creating trusts
- Protecting family homes
- Managing finances
- Handling asset transfers
- Converting income-producing assets into exempt assets
These actions can protect your resources while helping you meet strict Medicaid eligibility requirements.
Successful Medicaid Planning Starts Early
It is best to start planning as soon as possible when arranging for long-term care. If you begin planning when you are healthy, you have much more time to prepare for any unexpected illnesses or injuries in the future. The Medicaid application is time-consuming and can take as many as 60 days to process in Florida. After that time, it may take even longer for a person to receive their placement in the Medicaid program. It can be a tight timetable to work with if you are trying to receive Medicaid services soon.
When you trust an experienced estate planning attorney, you are more likely to meet the Medicaid qualifications. If you don’t have long-term care insurance in place, Medicaid planning with your attorney in Highland Beach can help you create a secure future.
Contact The Millman Law Group For Medicaid Planning in Highland 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.