If you are like millions of Americans, you depend on Medicaid. As you know, healthcare in the United States has only become more expensive, and in the future, it is unclear about what will happen with the Medicaid program as a whole in this country. For this very reason, it is critical that when creating your estate plan, you should consider Medicaid planning. Nobody wants to think about insurance, however, doing so may save you greatly in the long run. Fortunately, our firm is here to guide you through every step of the process to make it as painless as possible. Please continue reading and reach out to our knowledgeable Maryland estate planning attorneys to learn more about Medicaid planning and what we can do for you. Here are some of the questions you may have:
Why do I have to plan for Medicaid coverage?
Creating a plan for Medicaid coverage is a good idea because, to start, it can help you gain a clear understanding of where you stand financially, which means you will know whether you can maintain all funds for future planning. Additionally, when you apply for Medicaid, those determining whether you qualify will analyze your asset history, which, without a plan in place, may result in fines and other repercussions. Ideally, you should start planning for Medicaid at least 5 years in advance.
Am I eligible to receive Medicaid?
This is one of the most important questions you should be asking yourself, and we can help you find the answer. Medicaid covers the cost of assisted living, nursing homes, and other healthcare-related benefits, and because it covers such a wide array of costs, those who issue Medicaid will hold you under close scrutiny. You should also understand that Medicaid only accepts those who have very few assets. Fortunately, our Maryland estate planning attorneys can work with you to ensure that your assets are structured in such a way that they allow you to qualify for Medicaid coverage.
Restructuring Assets for Medicaid Coverage
If you are looking to restructure your assets to qualify for Medicaid, you can do the following:
- Create an irrevocable trust
- Pay for your funeral expenses ahead of time
- Upgrade your home
- Pay off debts
- Pay off your mortgage
- Transfer the title of your home to your beneficiaries
- Gift assets to family members
- Speak with an experienced attorney about all other means by which you may restructure your assets
Contact our experienced Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.