Medicaid planning is the practice of preserving assets by securing eligibility for government benefits. Our goal is to help you secure the best available health care while preserving your hard-earned assets to pass on to your children or other beneficiaries. We can help you attain both goals with proper and legal Medicaid planning.
Early planning is the key to preserving your assets, allowing you to make lifetime gifts outright to family members or to a trust, thereby assuring your assets will not be spent on your health care or paid to the government. More emphasis than ever before is now placed on how early you begin to plan for the financial cost of long term health care due to the recent enactment of the Deficit Reduction Act of 2006. Through the Act, President Bush severely restricts Medicaid planning, the likely result of which will cause many seniors to spend all of their assets on long-term care costs before Medicaid eligibility.
There are different rules for transferring assets based upon family composition and the type of care required. Spouses may have special rules that allow for exempt transfers of assets. In addition, the laws governing Medicaid Home Care benefits are different from the laws governing Medicaid nursing home benefits.