As you or your loved ones’ age, many of you will need to make some difficult choices with regard to long-term care, preserving your assets, transferring assets to your spouse or children, maintaining eligibility for Medicaid, and obtaining assistance from Medicaid Benefits — this is elder law, and the attorneys at Bowen Law can help. The expense of a nursing home or alternative care facility can often drain an individual’s assets and leave family members picking up the tab. Unfortunately, many families facing these exorbitant costs are receiving poor advice from their friends, family and even advisers regarding their Medicaid and long-term care options. We help seniors and their families navigate the difficult, confusing laws surrounding Medicaid planning.
A Medicaid crisis is a situation in which an individual has either been admitted to a nursing home or is about to be placed in one, and has been told that they have too many assets to qualify for Medicaid. In cases where individuals are in need of long term care, applying for Medicaid can often balance out some of the expenses. However, Medicaid restricts the amount and form of assets that an individual is allowed to keep. Along with the complex and ever-changing laws governing Medicaid eligibility, there is also a sixty (60) month look back period for divestment of assets.
Strategies used by our firm, through the use of an individually scheduled “spend down”, and other sophisticated estate planning methods can be used to maximize resources and insure the preservation of assets for a spouse or other family members.
Contact us before you start “gifting” assets, naming people jointly or other potential financial mistakes.
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