PRESERVING LIVELIHOODS THROUGH
MEDICAID CRISIS PLANNING
PROTECT YOUR ASSETS
Medicaid lawyers assist clients in preparing for long-term care. Medicaid lawyers can help seniors with the Medicaid application process, which involves filling out extensive paperwork, providing documentation in support of the application, and filing the application.
At Gage-Michaels Law, the assistance of a Medicaid lawyer can be invaluable when an applicant’s income or assets are higher than the limits set by Medicaid. The lawyer can strategize with the client to help them lower their income and assets within an acceptable time frame, and execute the plan once it is finalized. Medicaid lawyers can also work in coordination with insurance carriers that provide valuable vehicles such as Medicaid
Compliant Annuities to help a client achieve their financial goals.
If you have questions about Medicaid Crisis Planning, call Gage-Michaels Law Firm today. We’re just a phone call away.
Questions about Medicaid Crisis Planning
What is Crisis Medicaid Planning?
Crisis Medicaid Planning is legal and financial planning done to accelerate a client’s eligibility for Medicaid benefits. It’s used when a client is in need of immediate financial relief from high long-term care costs, and they haven’t had the opportunity to do what is referred to as pre-planning. Pre-planning includes the purchase of long-term care insurance, prior funding of an asset protection trust, or a similar financial move done in advance to make long-term care more affordable.
How can a Medicaid lawyer help?
The help of a lawyer can also be crucial to ensuring that the spouse of a Medicaid client can live a financial independent life once the client moves into a long-term care environment. Medicaid lawyers can help married couples maximize the Community Spouse Resource Allowance, which is the amount of assets a spouse is able to keep once the client is institutionalized. Lawyers also have special strategies for increasing the spouse’s Monthly Maintenance Needs Allowance, which is the amount of income that can be transferred to the spouse every month to help support them.
How can I afford long-term care for the rest of my life?
Do I need an attorney to apply for Medicaid?
Many seniors may opt to work with a Medicaid planner rather than an attorney. But hiring a lawyer who is well versed in Medicaid law can be crucial if you have complex finances or an urgent case. Medicaid lawyers can also assist with the formation of trusts and Medicaid compliant annuities, which can be extremely helpful in obtaining benefits for people whose income or assets initially appear to be above Medicaid’s limits.