Frequently asked questions about Medicaid planning are answered for you now. The ever-increasing cost of long-term care has made Medicaid planning a critical factor that most middle-class families and above have to consider. The fact remains that most seniors will inevitably require one form of long-term care or the other.
A major problem then arises when a lot of them are unprepared for the financial burden, and attending cost that comes with it. Medicaid planning offers some solutions to your problem.
Let us get to it right now.
What is Medicaid Planning?
Medicaid planning is an elder law strategy that enables you to have the costs of long-term nursing home care paid for by Medicaid. Given nursing home care in Florida can cost up to $16,000 a month or even more, it would not take long for most families to spend their life savings with nothing left for their heirs if they do not get Medicaid coverage. Medicaid planning enables you to structure the family assets in such a manner that one qualifies for Medicaid coverage.
What Are The Medicaid Planning Asset Protection Available in Florida?
Asset protection strategies such as personal service contracts, special needs pooled trusts, the purchase of exempt assets such as certain types of real estate, and spousal refusal are legal strategies that are available in Florida to protect assets for Medicaid planning.
Is Medicaid Planning Legal?
Yes, it is legal per Federal and State law. A Medicaid planning attorney with the right knowledge, training and experience can help structure your assets so you can qualify for coverage for nursing home care.
Is Medicaid Planning Ethical?
The honest answer to this question is probably that reasonable people can look at either side of the argument and come to different conclusions. Some might say it is unethical and others might say it is ethical. Probably where one falls in the debate depends on the person and how they view the arguments for one side or the other. There is likely no “right” answer. If you want to learn more about the issues involved, see this well written article by the Farr Law Firm in Virginia.
How Much Does Medicaid Planning Cost?
This is not a bad question and I would say it is better to ask how much will I save over the cost of doing the Medicaid planning. That said I have made my legal services the most affordable in Florida by charging a flat fee based on the size and complexity of each case. Additionally, I believe that affordability should never be cast aside just because an attorney has more experience Note: I have successfully completed over 3,000 Medicaid planning cases. Never failed on one.
Do You Need An Attorney For Medicaid Planning?
I have written a robust article titled “Non-Lawyer Medicaid Planning Deemed the Unlicensed Practice of Law by Florida Supreme Court” that gives you the full story. A quick answer is no you do not need an attorney if you do not have any or many assets since one is filling out a form with some relatively simple documentation attached. A non-lawyer can help with that who works in the nursing home business office for example.
If you are like most middle class or upper-middle-class families, it is highly likely you need a Medicaid planning attorney so you can preserve your family assets by obtaining Medicaid coverage. In your free telephone consultation, I can tell you if I think you need an attorney or not since I have completed over 3,000 successful cases at this writing with never having to go to an appeal. I will not take a case if I think I cannot win for you. So far, I have had no failures.
I trust this frequently asked questions about Medicaid planning was helpful to you. Please do go to our free resources page to get the eBooks you might benefit from reviewing. When you are ready, please do contact us to schedule your free telephone consult since you have everything to gain and nothing to lose by getting all your questions answered.