Your parents have looked out for you for most of your life. Now, it may be time for you to do the same for them. Decisions need to be made about their long term medical needs. The proper medical care and how to pay for the expenses are important decisions. These decisions can be difficult, and an experienced legal team can help you decide what are the best options for you and your family.
Mackey, Butts & Wise, LLP attorneys have experience with many different areas of elder law. We know the issues you are dealing with when it comes to aging parents. Our experience and knowledge can make your decisions a little easier.
What is Medicaid?
Medicaid is a joint federal and state assistance program that assists with medical costs for people with low incomes and limited assets. Income, specifically low income, is the main factor in determining eligibility for Medicaid.
Your life savings cannot exceed the designated Medicaid limit. If it does, you will not receive Medicaid benefits. You will be left with the option of “spending down” your assets and life savings toward your medical care until you are at the Medicaid limit.
At first glance, you may think that you are not qualified for Medicaid, but paying for a nursing home and health care out of pocket will be expensive.
Can I Qualify for Medicaid and Protect My Assets?
Yes, and we can help. You have options when it comes to Medicaid and asset protection. You cannot transfer assets for the sole purpose of qualifying for Medicaid, but there are exceptions. We can set up an irrevocable trust and assets can be transferred to the trust. You can also transfer or gift assets to another person.
Your parents should not have to lose their life savings in order to receive proper medical care. There are ways to protect their assets and pay for their care. Contact us to discuss the best options for your family.