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St. Charles Medicaid Asset Protection Attorneys
According to statistics, one out of every four people will require nursing home care as they get older. Many people are unaware that nursing home care is incredibly costly and can quickly deplete the money and assets you’ve worked so hard to build up over the years.
While some people can afford to spend up to $5,000 per month for a nursing home or buy long-term care insurance, the majority of people are not in this situation. In many cases, preplanning for Medicaid eligibility is the best option.
Before taking any action on your own in terms of asset transfer or Medicaid application, we strongly advise you to see us.
For legal assistance with an estate, contact Shea Kohl Law today at (636) 946-9999.
How Can I Qualify For Medicaid?
The federal and state governments work together to provide Medicaid. It provides low-income individuals, especially those over 65 and those who are disabled or blind, with health insurance and nursing home care. Your income and assets must not go beyond specified limits in order to be eligible. Despite the fact that your present income and assets may prevent you from becoming eligible for Medicaid in the future, there are options to combat this, such as:
- Distributing assets to beneficiaries
- Paying funeral costs in advance
- Reserving a budget for your everyday expenses.
- Becoming qualified for Medicaid to pay for medical and nursing home care.
It’s worth noting that, in addition to restrictive income and asset limits, there are strict laws governing the transfer of wealth and assets. You will not be eligible for Medicaid if you break the transfer laws. You don’t want to make any mistakes or make any inaccuracies when dealing with such important matters. You can save time and money by consulting with a lawyer who has experience in this area.
What can I do to protect my assets from Medicaid?
Meeting with a competent elder law attorney who can provide you with individualized legal advice particular to your circumstance is the best way to protect your assets from Medicaid. Medicaid laws are complicated and always changing, so don’t rely simply on an internet search or accounts from friends and relatives.
Medicaid planning is crucial, and it should be done well in advance of your need for nursing home care, but it should also be done in the event of a medical emergency. Depending on your situation, a skilled Medicaid attorney can advise and provide suggestions on the various planning alternatives available to you.
Medicaid Asset Protection
Apart from adequate estate planning, Medicaid asset protection and nursing home planning may also be required. What was previously known as Medicaid is now known as MO HealthNet in Missouri. When a family member moves into a nursing care facility, most people may save part of their assets. However, this is an extremely complicated area of law, and no two people’s situations are the same.
In general, there are two forms of Medicaid planning: planning in advance and crisis planning.
Planning in Advance
Medicaid (MO HealthNet) has a five-year look-back time period. Because of this, a person’s assets must be moved out of their name five years before moving to a nursing home in order to safeguard them from being spent on nursing home care. This can be accomplished by giving money and property to members of the same family.
When planning is not done in advance, some parents nevertheless prefer a last-minute gifting of their assets to save as much as possible for their heirs. After a person has already moved into a nursing home, crisis planning refers to what assets can be protected.
Advance nursing home planning can help you protect your assets and your future well-being
Shea Kohl Law will help you plan for your future. Our lawyers will assist you in creating a legally acceptable plan to reallocate your assets so that they are not taken into account while establishing your Medicaid eligibility. If you require nursing home care in the future, Medicaid will pay for it and you won’t have to pay for it out of pocket.
It may be too distressing at present to contemplate a time when you will be unable to care for yourself. Our clients, on the other hand, find that once they’ve set up a Medicaid eligibility strategy, they’re able to relax and enjoy the moment since they know their futures are secure.
Contact Our Medicaid Asset Protection Lawyers In St. Charles, Missouri
When you’re ready to think about how to ensure your Medicaid eligibility, we are here to listen. Our Medicaid planning attorneys will assist you if you need help with an estate.
For legal assistance, contact Shea Kohl Law today at (636) 946-9999.
Call Shea Kohl Law, LC at (636) 946-9999
or contact us online to schedule your initial consultation.
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Shea Kohl Law, LC serves clients in Missouri including St. Charles, Troy and Lincoln and throughout Warren and St. Louis counties. We also serve clients in Illinois.