Planning for Medicaid coverage requires a plan. How soon should you begin this process? What makes someone eligible to receive Medicaid? Should I restructure my assets? Continue reading to answer these important questions you have regarding the Medicaid planning process. Contact a Maryland estate planning attorney today to assist you through this process and increase your eligibility for Medicaid.
How soon should I begin Medicaid planning?
You should begin planning for Medicaid five years in advance. Planning ahead for Medicaid is productive because it will help you gain an understanding of where you stand financially. You will be able to know if you can maintain all of your funds for future planning. Planning ahead will also help you understand if you are qualified based on your asset history. It is important to understand that failure to prepare for Medicaid could lead to legal repercussions.
Am I eligible to receive Medicaid in Maryland?
Determining who is eligible for Medicaid is a selective process with strict guidelines depending on the number of financial assets you have. Only individuals who have very few assets are eligible for Medicaid. However, it is possible to restructure your assets with the assistance of a Maryland estate planning attorney to increase your chances of qualifying for Medicaid coverage. This process will be done through financial planning. Those who are eligible for Medicaid are covered in a broad range of benefits including nursing home care, assisted living, and hospital visits.
To properly understand your eligibility for Medicaid, contact a Maryland estate planning attorney who can walk you through each step of the financial planning process.
How can I restructure my assets to get Medicaid coverage?
If you are looking to increase your chances of eligibility for Medicaid, reach out to an experienced estate planning attorney to begin restructuring your assets. To restructure your assets, you can do the following steps:
- Pay off debts and mortgages
- Transfer the title of your home to your beneficiaries
- Gift assets to your family members or loved ones
- Create irrevocable trusts
- Prepay for your funeral expenses
- Make repairs to your home
To begin the process of restructuring your assets, gain the assistance of an experienced Maryland estate planning attorney to help you through each step of the process. Put your future and your health first by starting this process today. Contact our firm to discuss your options.
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.