What Do I Need to Know about Medicaid Planning?
Medicaid planning can be made easier with the assistance of a Pennsylvania estate planning attorney. An experienced attorney will help you create an effective plan to better qualify for Medicaid. This might include restructuring your assets. Continue reading to answer any questions you might have regarding the Medicaid planning process. Reach out to our firm today to learn the best way to prepare for your future by putting your health first.
How soon should I begin Medicaid planning?
It is best to start planning for your Medicaid coverage five years in advance. This will allow you to get a clear idea of if you will qualify for Medicaid based on your assets. It will also give you time to maintain your funds for future planning and to establish a clear picture of your financial situation. It is also important to start planning years in advance because failure to prepare can lead to legal repercussions when you eventually can apply for Medicaid.
Am I eligible to receive Medicaid in Pennsylvania?
Medicaid is a very selective process that depends on your asset history. Medicaid is reserved for those who have very few assets. Depending on the number of assets you have, you may or may not qualify for Medicaid.
You are able to restructure your assets with the assistance of an experienced attorney through financial planning. Restructuring your assets may increase your qualifications for Medicaid coverage. Medicaid is covered in a broad range of benefits including hospital visits, nursing home care, and assisted living. To better understand your eligibility, reach out to a Pennsylvania estate planning attorney who will assist you in the restructuring of assets to increase your chances of qualification.
How can I restructure my assets to get Medicaid coverage?
There are many ways to restructure your assets, all of which may increase your chances of eligibility for Medicaid. Contact an experienced Pennsylvania estate planning attorney to begin this process and to prioritize your health and future. Restructure your assets by taking the following steps:
- Pay off debts and mortgages
- Create irrevocable trusts
- Prepay for your funeral expenses
- Make repairs to your home
- Transfer the title of your home to your beneficiaries
- Gift assets to your family members or loved ones
Begin this process today to put yourself and your future first. Contact an experienced estate planning attorney to understand your options and eligibility for Medicaid.
CONTACT OUR EXPERIENCED MEDICAID PLANNING PENNSYLVANIA FIRM
Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team that you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.
