Medicaid is a vital tool that is used to help you obtain the long-term medical care you need. However, Medicaid has strict requirements for people aged 65 and older. These requirements are often complicated and can change depending on where you live and your health status. Because of these complications, Medicaid planning benefits individuals and their spouses who may not initially qualify when their assets or income are considered too high. The Millman Law Group has the knowledge and experience to help you with your Medicaid planning in West Palm Beach, FL. Aaron D. Millman, Esq., CPA, founded The Millman Law Group to provide excellent care to clients 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 Medicaid Planning with The Millman Law Group
There are a few situations in which we heartily 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 older person is healthy, so you have time to consider multiple solutions.
- When both spouses require care. Without appropriate planning, arranging for care can bankrupt a family.
- When one spouse needs care, but their partner wants to leave the family home. One spouse must live in the home, 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 Your Assets with Medicaid Planning
Medicaid places a limit on someone’s income and assets, and that limit must be met before acceptance into Medicaid. Depending on your financial situation, you may have to liquidate assets before you qualify for Medicaid and utilize their services. When you use Medicaid planning in West Palm Beach, you can decrease the chance of liquidation or avoid it completely. Your attorney can help you do this by:
- Managing finances
- Creating trusts
- Protecting family homes
- Handling asset transfers
- Converting income-producing assets into exempt assets
These actions can protect your resources while helping you meet strict Medicaid eligibility rules.
Start Successful Medicaid Planning Early
It is best to start making plans as soon as possible when arranging for your long-term care. If you start planning when healthy, you have much more time to prepare for any unexpected illnesses or injuries in the future. The Medicaid application is lengthy and can take as many as 60 days to process in Florida. After that, it can take even longer for a person to receive their placement in the program. It can be a tight timetable to work with if you hope to receive your Medicaid services soon.
When you trust your experienced estate planning attorney, you are more likely to meet Medicaid qualifications. If you don’t have long-term care insurance established, Medicaid planning with your attorney in West Palm Beach can help you create a secure future.
Contact The Millman Law Group For Medicaid Planning in West Palm 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.