As you know, millions of Americans rely on Medicaid. This is in large part because healthcare here in the United States is becoming increasingly expensive. However, if you are someone who depends on Medicaid, you are most likely looking to protect that coverage as best as you can. One of the ways you can do this is through Medicaid planning in your estate plan. Our firm can help. Please continue reading to learn more about Medicaid planning and how our experienced Pennsylvania estate planning attorneys can assist you through every step of the process ahead so you and your family can have the peace of mind you deserve. Here are some of the questions you may have:
What should I know about Medicaid planning?
To start, the first thing you should understand is that it is never too early to start planning for Medicaid coverage. In fact, you should begin planning at least 5 years in advance. By doing so, you will have a clear picture of where you stand financially, and you will also have a better idea as to whether you will qualify based on your asset history. If you do not have a plan in place, you may face fines and other repercussions when you apply for Medicaid.
Who qualifies for Medicaid?
As you know, not everyone qualifies for Medicaid, and since Medicaid covers such a broad range of benefits, including nursing home care, assisted living, hospital visits, and more, those who determine eligibility are very selective in doing so. Additionally, Medicaid is reserved for individuals with very few assets, which means that they may determine you have too many assets to qualify. Fortunately, our Pennsylvania estate planning attorneys can help restructure your assets so that when the time comes, your chances of qualifying for Medicaid coverage will be all the greater.
Can I restructure assets to obtain Medicaid coverage?
There are various ways in which our estate planning attorneys can help you restructure your assets, and depending on your specific situation, we may take one or more of the following actions:
- Transfer the title of your home to your beneficiaries
- Gift assets to family members
- Create an irrevocable trust
- Pre-pay your funeral expenses
- Upgrade your home
- Pay off certain debts/pay off your mortgage
If you have any additional questions or you are ready to get started, all you have to do is pick up the phone and give our experienced Pennsylvania estate planning attorneys a call today. We are always here to help–all you have to do is ask.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.