Medicaid comes with strict asset limit regulations. Only some elders can qualify for this program due to their assets. However, this issue can be easily solved with the help of a professional estate planning attorney in Florida. Here are some ways an estate planning attorney can assist with Medicaid qualification while safeguarding assets from exploitation.
When any spouse requires Medicaid benefits for long-term care, an estate attorney can design spousal protection strategies to ensure the healthy spouse is not left financially destitute. It may include transferring assets to the healthy spouse or forming a Qualified Income Trust (QIT) to manage excess income while still qualifying for Medicaid.
Long-term Care Planning:
An estate planning attorney can assist in creating a comprehensive long-term care plan that considers the Medicaid eligibility requirements. It involves exploring long-term care insurance options and searching for Medicaid-compliant annuities while safeguarding assets. Medicaid assisting agencies like Platinum Benefit Services helps to meet this requirement.
Medicaid Compliant Annuities:
People with excess income can potentially disqualify from Medicaid, but it has a solid solution with estate planning attorneys in Florida. They can suggest using Medicaid-compliant annuities. These annuities allow people to convert the excess income into an income stream, reducing their countable income for the Medicaid purpose.
Preparation of Spend Down Strategies:
Medicaid applicants with excess assets need proper "spend down" strategies for their resources to meet the asset limits. In such conditions, the estate planning attorney in Florida can guide clients on using their assets for qualified expenses like home modifications, paying off debts, and prepaying for the funeral to decrease their countable assets.
Strategic gifting is the best option to reduce the assets and qualify for Medicaid. Since it comes with strict terms and conditions, with the help of an estate planning attorney in Florida, applicants can get help to navigate these rules to avoid penalties and optimize the gifting strategy.
Estate Recovery Planning:
After the death of any Medicaid beneficiary, the state may seek reimbursement for their estate for the benefits paid during the lifetime. An estate planning attorney can employ various legal techniques to protect assets from estate recovery.
It is obvious that Medicaid laws are complex, and with the help of an estate planning attorney in Florida, it will be easy to navigate through the tough rules and regulations. Platinum Benefit Services is the best agency that offers Medicaid planning assistance to the elders.