Florida Estate Planning Law Firm Assists Clients with Medicaid Planning

North Central Florida Lawyers Focus on Effective Medicaid Planning

One of the greatest fears of senior citizens is that they may end up in a nursing home, which currently costs between $40,000 and $180,000 a year. Most people end up paying for nursing home care out of their savings until they run out, at which time they can qualify for Medicaid to pick up the cost.

Careful planning, whether in advance or in response to an unanticipated need for care, can help protect your estate for our spouse or your children. This can be done by purchasing long-term care insurance, or by making sure you receive the benefits to which you are entitled under the federal Medicare and Medicaid programs.

Medicaid Planning

Medicaid is a joint federal-state program that provides health insurance coverage to low income children, seniors, and people with disabilities. Those who are not in immediate need of long-term care may be able to distribute or protect their assets in advance. This way, when they do need long-term care, they will quickly qualify for Medicaid.

Asset transfers should be made carefully, with an understanding of the consequences. For transfers made after February 8, 2006, the “look-back” period is 60 months, or five years. People who make transfers must be careful not to apply for Medicaid before the five-year look back period elapses and not before consulting with an elder law attorney, as penalties could extend even longer than five years, depending on the size of the transfer.

Do you need help with complicated Medicaid planning issues? Many clients throughout Marion, Sumter, Citrus, and Lake counties have received valuable legal advice from Dean & Dean, LLP regarding Medicaid and other estate planning, probate, and real estate matters. Contact us online or call (352) 368-2800 to schedule your initial consultation with one of our knowledgeable attorneys today.