Medicaid is a crucial tool that can provide for the long-term medical care you need. However, Medicaid has strict requirements for citizens 65 and older. The requirements can be complicated and change depending on where you live and your health status. Because of this complexity, Medicaid planning benefits individuals and their spouses, who may not initially qualify if their income or assets are deemed too high. The Millman Law Group has the experience and skills to help you with your Medicaid planning in Parkland, FL. Aaron D. Millman, Esq., CPA, established The Millman Law Group to provide the expert care clients need when planning for future medical care. If you want professional Medicaid planning, reach out to The Millman Law Group to learn more about our services.
When Should You Plan with The Millman Law Group?
There are a few situations in which we strongly 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 an elder is looking to preserve assets for their heirs. Start Medicaid planning when the person is healthy because it allows them to consider various solutions.
- When one spouse needs care, but their partner wants to leave the family house. One spouse must reside in the home, or the home must meet certain equity limits to stay protected.
If you are unsure whether you qualify for Medicaid, reach out to The Millman Law Group to start exploring your options.
How Medicaid Planning Can Help You Preserve Your Assets
Medicaid places limits on a person’s income and assets and the limits must be met for acceptance into the program. Depending on your finances, you might have to liquidate assets before qualifying for Medicaid and using their services. When you use Medicaid planning in Parkland, you can decrease the chance of liquidation or avoid it altogether. Your lawyer will have you:
- Protect family homes
- Create trusts
- Manage finances
- Handle asset transfers
- Convert income-producing assets into exempt assets
These actions can protect your resources while helping you meet the eligibility requirements for Medicaid.
Start Medicaid Planning Early
It’s best to start as early as possible when planning for your long-term care needs. If you begin planning when you are healthy, you have much more time to prepare for unexpected illnesses or issues in the future. The Medicaid application is time-consuming, and the application can take as many as 30 to 60 days to process in Florida. After that, it may take even more time for a person to receive their place in the Medicaid program. It can be a tight timetable to work with if you need Medicaid services quickly.
Working with an experienced estate planning attorney can help you meet the Medicaid qualifications. If you don’t have long-term care insurance already in place, Medicaid planning with your lawyer in Parkland can help you create a secure future.
Contact The Millman Law Group For Medicaid Planning in Parkland
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.