Medicaid is a critical tool that can help you obtain the long-term medical care you need. However, Medicaid has strict requirements for citizens 65 and older. These requirements can be complicated and change depending on where you live and your health status. Because of this complexity, Medicaid planning benefits people and their spouses, who may not initially qualify because their income or assets are deemed too high. The Millman Law Group has the skill and experience to help you with your Medicaid planning in Lake Worth, FL. Aaron D. Millman, Esq., CPA, founded The Millman Law Group to provide skilled care to clients when they are ready to start planning for their future care. If you want to benefit from professional Medicaid planning, contact The Millman Law Group to learn more about our services.
When Should You Start Planning with The Millman Law Group?
There are a few situations in which we strongly recommend you start Medicaid planning with your attorney. Three examples include:
- When an elder is looking to preserve their assets for their heirs. Start Medicaid planning when the person is healthy because it gives them time to consider different solutions.
- When both spouses require care. Without an appropriate plan, managing this care can bankrupt a family.
- When one spouse needs care, but their partner wants to leave the family house. One spouse must reside in the home, or the property must meet certain equity limits to stay protected.
If you are uncertain whether you qualify for Medicaid, reach out to The Millman Law Group to start exploring your options.
How Medicaid Planning Can Help You Save Your Assets
Medicaid places a limit on a person’s income and assets, and this limit must be met for 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 Lake Worth, you can decrease the chance of liquidation or avoid it altogether. Your attorney will help you do this by:
- Protecting family homes
- Creating trusts
- Handling asset transfers
- Managing finances
- Converting income-producing assets into exempt assets
These actions can protect your resources while helping you meet the strict Medicaid eligibility requirements.
It’s Always Best to Start Medicaid Planning Early
It is best to start planning as early as possible when arranging long-term care. If you start planning when you are healthy, you have much more time to prepare for unexpected illnesses or problems 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 period, 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 are trying to receive Medicaid services quickly.
When you work with 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 lawyer in Lake Worth can help you plan for a secure future.
Contact The Millman Law Group For Medicaid Planning in Lake Worth
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.