Medicaid is a joint federal-state program that delivers medical assistance to low-income individuals who are deaf, blind, or over the age of 65. Often, Medicaid is used for the elderly to finance the extensive costs of receiving long-term care. However, in order for benefits to be acquired, there are strict minimum state and federal guidelines applicants must adhere to.
While there are many Medicaid planning strategies, there are several goals that may be important to achieve:
1. Providing for your spouse if you are married
2. Preserving assets in your estate for beneficiaries
3. Sheltering your assets
With Medicaid planning, you may find it challenging to navigate through extensive regulations involving income caps, look-back periods, waiting periods, transfer penalties, and planning successfully for eligibility. If you believe that Medicaid planning is unnecessary because you are too young, remember that it is never too early or too late to get started.
Furthermore, having an experienced attorney available to assist you with all facets of Medicaid planning may be the best solution as questions come up during the process. At Elder Law & Estate Planning Solutions of the Piedmont, we can assist you with the Medicaid planning process to ensure your application for benefits is effective.
Beginning the process as soon as possible will ensure that you have more options in the future, and will also prevent you from putting your financial situation at risk once you need long-term care. To start planning for your future, contact us at Elder Law & Estate Planning Solutions of the Piedmont today.