Medicaid planning is all about maximizing your resources for your long-term care. The price tag associated with good long-term care is an issue of deep concern for many aging or disabled individuals and their loved ones.
Medicaid can help many people with the expense of long-term care, but qualifying for Medicaid assistance requires you to either: 1) have very little financially, 2) be willing to use almost all your assets on your care before you qualify, or 3) plan ahead. Rhodes Law Firm, PLLC, can help you plan ahead well. Even if you are already in a nursing home or an assisted-living facility, we may still be able to help you qualify for Medicaid while preserving assets.
There are many factors to consider in determining the best plan for you. During a consultation, Attorney Annette Rhodes will hear your concerns and explain in detail the Medicaid rules that apply to your circumstances. Depending on how immediate your or your spouse’s need for long-term care may be, she will recommend next steps such as having the right general power of attorney in place, setting up a testamentary supplemental needs trust, conducting an in-depth review of your income and assets, or creating a medicaid asset protection trust. It is always up to you when and how you want to proceed with planning steps.
Whether you are planning well in advance or want to qualify for Medicaid as soon as possible, developing a good plan will involve gathering detailed information about your situation. Remember that the earlier you begin planning, the more assets can likely be preserved. You can schedule an appointment with Attorney Annette Rhodes by calling our office or contacting us through our website. To learn more about Medicaid planning, you can also visit our blog post “What is Medicaid Planning?”