If you are looking into beginning the process of planning for Medicaid coverage, you may have many questions. How soon should I begin? Am I eligible for Medicaid? Should I restructure my assets? To learn the answers to these important questions, continue reading. For assistance with this process, do not hesitate to contact our Montgomery County Medicaid planning attorney.
When should I begin Medicaid planning?
The sweet spot to begin planning for Medicaid is five years in advance. Planning in advance will allow you to gain an understanding of where you stand financially. This will help you to understand if you can maintain all of your funds for future planning. Planning ahead will also give you an understanding of your qualification based on your asset history. Failure to prepare for Medicaid could lead to legal repercussions.
Am I eligible to receive Medicaid in Maryland?
Eligibility for Medicaid is a selective process with strict guidelines depending on the number of financial assets an individual owns. Individuals with few assets are generally eligible for Medicaid. However, if you are able to restructure your assets through financial planning with the assistance of an attorney, this will increase your chances of qualifying for Medicaid coverage. Individuals who are eligible for Medicaid are covered in a broad range of benefits including nursing home care, assisted living, and hospital visits. To further understand your specific eligibility for Medicaid, contact our Montgomery County Medicaid planning attorney.
Do I need to restructure my assets?
To increase your chances of eligibility for Medicaid, it is best to retain the services of an experienced Montgomery County Medicaid planning attorney who will assist you in restructuring your assets by taking the following steps:
- Make repairs to your home
- Create irrevocable trusts
- Prepay for your funeral expenses
- Transfer the title of your home to your beneficiaries
- Gift assets to your family members or loved ones
- Pay off debts and mortgages
Our legal team at JDKatlz, PC. is prepared to assist you with his process. We will work with you through each step of the way to increase your chances of eligibility for Medicaid. It is important that you put your future and your health first by giving our firm a call. Contact us today to learn more about our estate planning services and how we can assist you and your specific circumstances.
Contact our experienced Montgomery County, 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.
