What You Need to Know About Medicaid Planning in Pennsylvania
As you know, millions of people across the United States of America depend on Medicaid coverage. If you are one of them, you may not have considered incorporating Medicaid planning into your estate plan, however, this is one of the smartest actions you can take. Our firm has helped countless individuals through the Medicaid planning process over the years, and we are ready to do the same for you, thus helping you and your family attain the peace of mind you deserve and need. Please continue reading and speak with our knowledgeable Pennsylvania estate planning attorneys to learn more about Medicaid planning, why it is so important, and how we can help. Here are some of the questions you may have:
Why is Medicaid planning so important?
Medicaid planning is important for a variety of reasons. First, you should understand that it is never too early to begin Medicaid planning. In fact, you should begin Medicaid planning at least five years in advance. You should understand that by planning ahead, you can avoid potential fines and other repercussions in the future. Those who decide whether you qualify will analyze your asset history, and failing to have a plan beforehand may negatively affect their decision.
Will I qualify for Medicaid coverage in Pennsylvania?
Qualifying for Medicaid is oftentimes not as simple as you may think. To start, you can only qualify for Medicaid coverage if you have very few assets. Additionally, since Medicaid coverage is so expansive, meaning it covers such a wide array of healthcare-related services, including nursing homes, assisted living, doctor’s visits, and more. For this very reason, Medicaid providers frequently deny individuals these benefits simply because they do not want to pay the cost of coverage. Fortunately, with our firm on your side, we can work to restructure your assets to help ensure that you do receive the Medicaid coverage you deserve and need.
How can I restructure my assets to qualify for Medicaid?
With the help of our Pennsylvania estate planning attorneys, we can work to restructure your assets through a wide array of strategies, including the following:
- Create an irrevocable trust on your behalf
- Prepay your funeral expenses
- Pay off debts
- Pay off your mortgage
- Transfer the title of your home to beneficiaries
- Gift assets to family members
If you have any additional questions, please do not hesitate to give us a call. We are always here to help.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team 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.
