What is Medicaid Planning?
Medicaid Planning is the process by which we, as elder law attorneys, 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. We follow and work within the law and the regulations. In Medicaid Planning we gather information about the health of the older citizens, 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, when to do it. In Medicaid Planning, the timing of events is of great importance for the purposes of asset protection.
We invite people to come in with their spouses, children, siblings, financial advisors, 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.
When it is time to go to the Medicaid agency, we will go for our planning client. Medicaid regulations are complex and change frequently. Going to the Medicaid office to apply for Medicaid may be 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.
If you would like a consultation about Medicaid Planning and asset protection with our experienced Elder Law Attorneys, please contact Kentucky ElderLaw, PLLC. Click here to read what our clients are saying about us.