Minnesota Medical Assistance Attorney
When it comes to planning for the future of the family, one of the most confusing assets is how medical care will be paid for. Unfortunately, someone who must go into a nursing home may run the risk of their assets being seized to pay for nursing home costs. The good news is this does not have to become a reality if the appropriate planning occurs beforehand.
If you are the family member of someone needing care and you need assistance in protecting their assets, you can contact the Bailey Law Office and receive the assistance you need
Complex Health Care Planning
Under elder law, individuals have protections, as it enables them to plan for future health care, long-term care, and anything else that they or their families may be facing. Studies have shown that the forty percent of individuals will need long-term care at least one time later in their lives. This means that everyone should consider the fact that they may need to reside in a nursing home or another type of facility in the event they are unable to take care of themselves.
Unfortunately, there is a rather high cost that comes with nursing home or assisted living facility care and this can deteriorate the family’s nest egg and interfere with the inheritance that may be planned for certain surviving family members. This means that Medicaid will have to be turned to as opposed to privately paying for the cost of the care facility. This also means you may need a Minnesota medical assistance attorney to help.
There are a number of asset protection strategies that can be used in your case. Of course, the Deficit Reduction Act has affected strategies of the past, but there are still methods that are effective. This is especially true when one spouse may need long-term care and the other doesn’t. Some strategies may include gifting assets to family members, setting up an irrevocable trust, and making arrangements to pay for certain Medicaid costs.
Medical Planning With Medicaid
There are many individuals that fear there is nothing they can do to keep their assets from being used to pay for the cost of a nursing home or assisted living facility. The good news is that much of the information that consumers have received about this are false. For instance, it is not always necessary to have to endure a 5 year wait after gifting assets to family members to be Medicaid eligible. Of course, the result depends upon the specifics of your case. Nonetheless, your experienced Minnesota attorney can help you protect the assets that you have worked so hard throughout your life to obtain and maintain.
Contact A Minnesota Medical Assistance Lawyer
From Medicaid asset protection strategies to ensuring your health directives are in place in case you become incapacitated in the future, we are here to help. Kyle Bailey and his staff will work with you to create a plan and ensure that you, your assets, and your family are protected. To start planning the future today or to find out more about our medical assistance services, call us at 763-541-0320 to schedule a consultation.