Medicaid planning is the process by which an elder law attorney helps preserve assets that otherwise would have to be spent on the nursing home. People ask, “How do you hide the money?” We do not hide anything. Everything the law requires is disclosed to the Medicaid agency during the application process.
The caring, knowledgeable lawyers at Kentucky ElderLaw, PLLC, follow and work within the law and the regulations. We invite people to come in with their spouses, children, siblings, financial advisers, CPAs, attorneys, religious leaders, friends and anyone else they would like to have present to hear the plan. We may employ many different tools in Medicaid planning. For instance, we may advise converting countable assets to exempt assets, or making other permitted changes, all within federal and state law.
In Medicaid planning, the attorneys at Kentucky ElderLaw, PLLC gather information about the health of the older residents, family relationships and financial assets. We then draft a written Medicaid plan. Each plan is different and is specific to the individual situation of each family. The plan lays out in detail what to do, how to do it and when to do it. In Medicaid planning, the timing of events is of great importance for the purposes of asset protection.
When it is time to go to the Medicaid office, we will go for our planning client. Medicaid regulations are complex and change frequently. Going to the Medicaid office to apply for Medicaid is an arduous process, a cross between going to the IRS and a root canal. Many (but not all) Medicaid caseworkers are friendly and courteous, but the process itself can be quite stressful.