While many seek to delay it or erase the signs of aging, the reality is that we all age and need to consider various factors that come with getting old and entering our elder years. Because we cannot predict the future, it is important to project possible needs and issues you may encounter in your older years.
Long-term care facilities are often relied on when it comes to providing the necessary daily care older individuals require; however, long-term care is expensive and something most are unable to afford outright. Because of this, most will utilize Medicaid to cover these costs. But to qualify for Medicaid, careful estate planning and Medicaid planning must take place.
Medicaid planning
At Sillman & Associates, LLC, our law firm understands the complexities that come with elder law and navigating Medicaid planning. Our experienced attorneys have the knowledge to guide our clients through this process, ensuring they not only understand their situation but also recognize how Medicaid planning fits in with their estate planning goals.
It is important to note that the Medicaid program has strict eligibility limits when it comes to assets. For those over the eligibility threshold, it is possible to spend down your money to overcome this. Keep in mind that there is a five-year-look-back period for the Medicaid program. This means that you can only spend or transfer your assets in a very specific way during this five-year period. If this is not followed, you may be required to account for that money.
Eligibility and planning
Whether you are planning for your future well ahead of your elder years or are suddenly faced with the need to go into long-term care with no planning in place, it is imperative to understand all of your options. With careful planning or the strategic movement or spending of money and assets, it is possible to meet eligibility requirements for Medicaid.
Estate planning has a variety of elder law matters to consider. As such, it is important to explore your options when it comes to protecting your assets and ensure eligibility for Medicaid. A legal professional can help you navigate this process, answering any questions you might have.