Non-Crisis Medicaid Planning
Attorneys in Bonita Springs and Tampa
It is always best to be prepared for anything that can happen in life, especially events that can have a significant effect on your assets. As we get older, we need to start thinking about the possibility of having to live in an assisted living facility. A sudden stroke or any other life-changing medical event could cause you to have to make the transition to assisted living faster than you expected. If you are not ready, your assets could be in jeopardy and everything you worked for your entire life could be gone.
At the Mattar Firm, we understand the importance of planning ahead. We offer non-crisis Medicaid planning that will protect your assets and make sure that your children do not watch the family home being sold for assisted living costs. Preparing for the unexpected is not something you should do on your own. You need the help of an experienced attorney who knows what types of legal and accounting tools to use to keep your assets protected.
Long-Term Care Planning
We also call our non-crisis Medicaid planning process long-term care planning. We use a variety of tools to make sure that your assets are protected as you apply for Medicaid to help pay for the costs of assisted living. This is a plan you want to start while you are vibrant and living your life to the fullest. If you wait until something happens, then it will be too late.
The Ticking Clock Of Applying For Medicaid
While you are out there enjoying life, you are not thinking about actions that can affect your ability to apply for Medicaid. But as soon as you have to start thinking about going into an assisted living facility, that Medicaid clock starts ticking. Suddenly, the things you have done in the past five years can affect the durability of your assets. If you have not been thinking about Medicaid planning in those five years or longer, then you could be looking at a difficult journey.
Medicaid normally looks back at your financial activity from the previous five years to determine your eligibility. That five-year clock starts ticking the moment you submit your Medicaid application. We can make sure that you have spent those five years wisely and are prepared for all of the guidelines and rules that Medicaid has that will affect your life and the lives of those you love.
How Does Non-Crisis Medicaid Planning Work?
Years prior to you needing to move into an assisted living facility, non-crisis Medicaid planning can make sure that your savings account, your home, and your other assets are safe from being liquidated by Medicaid to pay for your care. Medicaid will want you to pay for as much of your care as possible, but most people want their assets to help their families to live better lives. We can help you to find that balance and make sure you get the care you need.
We put together a variety of tools that will protect your assets from the various rules of the Medicaid application process. The plan we put together for you will be an ongoing way for you to manage your finances and keep your assets shielded from creditors in almost any situation. We can put together a comprehensive plan that can protect you in the event that you become disabled or incapacitated and need to start going into an assisted living facility.
Avoid The Mistakes People Make
Trying to do your own non-crisis Medicaid planning can be not only costly, but potentially dangerous as well. One common misconception people have is that they can transfer their assets to their children before they apply for Medicaid and their assets will be protected. Unfortunately, that sort of do-it-yourself asset protection plan will only get you in big trouble with Medicaid.
When you apply for Medicaid, you need to submit your financial information from the previous five years. Last year, you decided to transfer ownership of your home to your children to prevent the home from being liquidated by Medicaid. It sounded like a great idea, but that act will incur a Medicaid penalty that will prevent your application from being approved for up to five years.
Each instance of transferring assets, even if you were just trying to offer financial help to your children, can bring about a Medicaid penalty that could move your approval date further and further away. If you try to protect your assets on your own, you could wind up moving your approval date back months, or even years. If you need to be admitted to assisted living immediately, then your family will have to pay the costs until Medicaid is approved.
The Tools Of The Trade
The Mattar Firm has years of experience in asset protection, and we have some specialized tools we can use specifically for long-term care planning and non-crisis Medicaid planning. We have a special trust arrangement that allows you and your child to be owners of your home and allows your child to take possession of your home when you are ready to be admitted to assisted living. This is all done without affecting your Medicaid eligibility or any of your assets.
This is just one way that we can help you plan for the future. We have other trusts and asset protection vehicles that we use to make sure your assets are safe if you unexpectedly have to be moved to assisted living.
Buying life insurance, buying a burial plot, and planning for the possibility of being put into an assisted living facility are not things people like to think about. But the truth is that if you do not start planning for these contingencies now, then someone else will make those decisions for you and you might not like the outcome of those decisions.
The Mattar Firm can be your non-crisis Medicaid planning attorney. Our caring asset protection attorneys are there to explain the potential problems of exposing your assets and what can happen if you find yourself suddenly being admitted to an assisted living facility. Don’t get caught by surprise by an unexpected life event. Let our attorneys help you prepare for these situations and protect the assets you worked so hard to accumulate.