Medicaid is a crucial tool that can help provide for long-term medical care. However, Medicaid has strict requirements for people aged 65 and older. These criteria can be complex and even change depending on where you live and your current health status. Because of this complexity, Medicaid planning is helpful for individuals and their spouses that may not initially qualify if their income or assets are deemed too high. The Millman Law Group has the knowledge and experience to help you with your Medicaid planning in Palm Beach County. Aaron D. Millman, Esq., CPA, founded The Millman Law Group in 2018 to provide the expert and patient care clients need when planning for their estate and future care. If you want to benefit from Medicaid planning, reach out to The Millman Law Group today to learn more about our services.
When It’s Time to Partner With The Millman Law Group
There are certain situations where Medicaid planning with a lawyer is best. Three examples include:
- If both spouses require care. Without a proper plan, managing this care could bankrupt a family.
- If one spouse needs care, but their partner wants to leave the family home. One spouse must reside in the family home, or the home must meet specific equity limits to stay protected.
- If an elder is looking to preserve assets for their heirs. It’s best to start Medicaid planning when this person is healthy because it permits them to consider various solutions.
If you are not confident whether you qualify for Medicaid, reach out to The Millman Law Group to start discussing your options.
How Medicaid Planning Can Preserve Your Assets
Medicaid places limits on a person’s income and assets that need to be met for acceptance into the program. Depending on your finances, you might have to liquidate your assets before qualifying for Medicaid and benefiting from their services. When you use Medicaid planning in Palm Beach County, you can reduce the possibility of liquidation or avoid it altogether. Your lawyer will have you:
- Handle asset transfers
- Protect family homes
- Create trusts
- Manage finances
- Convert income-producing assets into exempt assets
These actions will protect your family’s resources while helping you meet all of your eligibility requirements.
An Early Start is Best for Medicaid Planning
It’s best to start planning for your long-term care needs when you’re healthy and have plenty of time. The Medicaid application is time-consuming, and can take as many as 30 to 60 days to process your application in Florida. Then, it may take an additional length of time for a person to receive their spot in the Medicaid program. It can be a tight deadline to work with when you need Medicaid services quickly.
Working with an experienced estate planning attorney can help you qualify for Medicaid. If you don’t have long-term care insurance already in place, Medicaid planning with your lawyer in Palm Beach County can help you secure your future.
Contact The Millman Law Group For Medicaid Planning in Palm Beach 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.