Multi-State Medicaid Estate Planning Lawyer
Medicaid estate planning refers to protecting one’s assets and property from being used to pay for long-term care if the individual becomes eligible for Medicaid. This can include strategies such as gifting assets to family members, creating trusts, and transferring property ownership. The goal of Medicaid estate planning is to preserve as much of the individual’s assets as possible for their beneficiaries while still allowing them to qualify for Medicaid assistance if and when it becomes necessary. This process involves a lot of paperwork, and there are many laws to navigate to receive these benefits. To protect one’s assets, it is best to consult with a Medicaid estate planning attorney for legal advice.
At Stange Law Firm, our experienced estate planning attorneys provide legal advice and representation that can help you protect your assets from high Medicaid costs. We understand the complexities of estate planning and Medicaid eligibility requirements. Our expertise can help you create an estate plan that meets your specific needs and goals. We also provide legal representation for guardianship and conservatorship matters, probate and estate administration, and other related matters. Contact us today to schedule a consultation with a Medicaid estate planning lawyer and get the advice you need to protect your assets.
Understanding Medicaid Eligibility Criteria
Applicants must meet certain financial and medical eligibility criteria to qualify for Medicaid. These criteria are set by the government and vary from state to state, so it is crucial to understand the specific eligibility requirements of Missouri. In general, Medicaid assists individuals with limited income and resources who are over 65, blind, disabled, or have a dependent child in their care. Individuals must have limited income and resources to qualify for long-term care planning assistance. This means that their income must be below a certain threshold that signifies financial need. Additionally, for Medicaid to cover their care costs, individuals must not own more than a certain amount of assets or property. Working directly with a Medicaid estate planning attorney can help you evaluate your assets and determine what, if any, steps you need to take to qualify for Medicaid assistance.
Creating an Estate Plan That Meets Your Needs
Creating an estate plan that meets your needs involves several steps. These ensure that your assets are protected and that your wishes are carried out.
This is a general outline that may vary depending on the laws and regulations of your state, as well as your personal circumstances. It is important to understand that each case is unique and to take advice from an estate planning attorney. They can tailor your plan to suit your needs.
Common Misconceptions About Medicaid Eligibility
There are several common misconceptions about Medicaid eligibility that can lead to confusion and mistakes when applying for Medicaid coverage. Some of these misconceptions include:
You must be impoverished to qualify for Medicaid: While Medicaid is a needs-based program, individuals do not need to be completely impoverished to qualify. Income and asset limits determine eligibility, and individuals may still qualify even if they have some assets and income.
Only low-income individuals qualify for Medicaid: While Medicaid is primarily intended for low-income individuals, specific groups such as pregnant women, children, and individuals with disabilities may be eligible regardless of their income.
Medicaid will take all your assets: This is not true. Certain assets, such as a primary residence, personal property, and savings and retirement accounts, are protected and will not be counted towards the asset limit.
Estate planning is only for wealthy individuals: Estate planning is not only for those with significant assets and income. Everyone needs to think about their long-term goals, even if they do not have many assets. Estate planning can help you protect your assets and plan for long-term care.
Estate planning is a complex process that requires the advice of a qualified legal professional. At Stange Law Firm, our attorneys practice in estate planning and can help you create a plan that meets your goals. Contact us today online or call 855-805-0595 to learn more about our services.
