An estate planning attorney plays a crucial role in helping individuals and their families to navigate the complexities of Medicaid and maximizes their eligibility for Medicaid benefits. Since estate planning attorney in Florida primarily focus on asset distribution and planning for incapacity, it can also involve Medicaid planning in several ways. This post will let you know how an estate planning attorney can help to avail of Medicaid benefits.
Protection of the Assets:
Medicaid comes with strict asset limits that people must meet to qualify for its benefits. In such conditions, an estate planning attorney in Florida can employ different strategies to protect assets while ensuring Medicaid eligibility. These strategies include irrevocable trusts where the assets are transferred and managed by the trustee on behalf of the individual. When the assets are strategically structured, the individuals can preserve their wealth for the next generation.
Trusts can play a powerful role in Medicaid planning. An estate planning attorney in Florida establishes special needs trusts or supplemental needs trusts that allow individuals to set aside funds to benefit their elderly loved ones without hampering their Medicaid eligibility. These trusts can ensure a higher quality of life while not exploiting their assets.
Medicaid Asset Spend-Down:
If someone's assets exceed Medicaid's asset limits, the attorney can help with the spend-down plan. They know various ways to spend excess assets, like paying off debts, making home improvements, or prepaying funeral expenses, ensuring compliance with the Medicaid rules. When the assets get reduced drastically, the individuals can get long-term care as Medicaid benefits.
Assistance in Filling up the Application:
Applying for Medicaid is a time-consuming and laborious effort. In such cases, an estate planning attorney can guide the individuals through the application process, ensuring all the necessary documents are gathered and completed.
Hiring an estate planning attorney in Florida comes with several benefits. They are professionals with the necessary knowledge and skill to offer maximum benefits to Medicaid applicants.
Platinum Benefit Services offers expert estate planning solutions to Medicaid applicants. So, if you are interested in the service, you can contact this company now.