Medicaid planning is something everyone should understand, and it is something that you should do as soon as you can. Medicaid planning may be the only way that you can avoid having to spend your entire life savings if you need to go into a nursing home, so you should ensure that you take swift action to protect all that you have worked for.
A Geneseo, IL medicaid planning lawyer at Nash Nash Bean & Ford, LLP is here to help. We will assist you in understanding what Medicaid planning is, why it is important, and when you should begin. We’ll also take care of the technical process of protecting your assets so you will never have to worry about having your legacy destroyed just because nursing home care becomes necessary. Give us a call at 800-644-5345 or contact us online today to find out more about Medicaid planning and to get answers to questions including:
- Is Medicaid planning something I need to do?
- What is involved in Medicaid planning?
- How can a Geneseo Medicaid Planning Lawyer Help Me?
Is Medicaid Planning Important to You?
For the vast majority of people, there is no private insurance policy available to provide payment for nursing home services. Even Medicare pays only for limited care in a nursing home, and only when skilled medical care is required. The type of care most people seek in a nursing home is called custodial care and it is not covered by insurers in almost all circumstances. This leaves many people forced to pay out of their own pockets for nursing home care, which can be a substantial hardship when nursing homes cost more than $100,000 annually.
If you do not have a Medicaid plan in place and you have to go into a nursing home, you must spend your life savings to pay for the monthly costs of care. Depending upon the circumstances, you might have to sell property and assets. You can go through all you have worked a lifetime to build, leaving nothing for you to gift to your children as your legacy. Only after you have spent down your resources will you qualify for Medicaid, which then begins paying for nursing home care.
With an advanced Medicaid plan, this does not have to be your fate. You can protect your wealth through developing a sound strategy to structure ownership of assets. Medicaid coverage will begin much earlier, Medicaid will pay for your nursing home, and your money and property can be handed down to the next generation or can be used to support causes that matter to you.
What is The Medicaid Planning Process in Illinois?
The Medicaid planning process usually involves the creation of a special type of trust which does not count as a resource when determining if you are eligible for Medicaid benefits. You will need to fund this trust. The funding of the trust counts as a transfer of assets. Medicaid looks back five years from the time you apply for nursing care, and imposes a period of disqualification if asset transfers occurred. As a result, it is best to take action at least five years before you anticipate requiring any type of nursing home care.
If you need nursing care and have not made your Medicaid plan at least five years in advance, you could still potentially be able to shield some of your assets. An attorney can explain your options.
Your lawyer can also help you to explore rules for protecting your spouse if you need nursing care and you have joint property and income. There are rules related to the property that spouses and sometimes caregivers are allowed to keep, and an attorney will work to help ensure you do not spend any money or property that you do not have to when it comes to paying nursing home bills.
How Can a Geneseo Medicaid Planning Lawyer Help?
Nash Nash Bean & Ford, LLP can provide invaluable assistance with the Medicaid planning process. Give us a call today at 800-644-5345 or contact us online to speak with a Geneseo, IL Medicaid planning lawyer to find out how to protect your assets and to get started on the creation of your comprehensive plan. You owe it to yourself to protect the hard work you have done to build a nest egg, and you owe it to your family to leave them a legacy and not lose all you’ve made because of nursing home costs. Find out now how we can help you to keep your assets safe.