Lantana, FL Medicaid Planning Attorney

Did you know that if you are age 65 or older you have a 70% chance of needing some form of ongoing medical care? Whether this looks like home health care, assisted living, or nursing care, it isn’t so much a matter of if you’ll need it; it’s a matter of when and how long. If you consider yourself to be in relatively good health, you may be thinking, “Why worry about that now?” Well, the reason you should be concerned is that the cost of long-term care is steep and only seems to be rising. In 2023, the monthly cost of a semi-private room in a Florida nursing home was estimated at more than $8,000 a month, while a private room was estimated at nearly $10,000. It is easy to see how quickly this could add up – just a six-month stay could cost around $50,000! Most middle-class Americans don’t have the funds to sustain this expense, especially if they are on a fixed income. 

Many are able to partially or fully fund their long-term care through Medicaid benefits, but not everyone is able to qualify with their current finances as they are. Through a process called Medicaid planning, a lawyer is able to help these individuals qualify through strategic financial planning. If you believe qualifying for Medicaid may be an issue for you in the future, call our Lantana Medicaid planning attorney to learn how we can help!

What Is Medicaid And Why Should I “Plan” For It?

Medicaid is a public healthcare program designated for those with low income in the United States. To qualify, a person must be under the income limit that is set by the state they live in. That means if you previously qualified in Alabama, Georgia, or another state, you may not qualify in Florida. The reason some people need to “plan” to qualify for Medicaid is that they anticipate having an income that is higher than the state limit. A Medicaid planning lawyer can restructure your finances in a way that allows you to qualify, but it must be done the right way.

You will not be able to simply spend your wealth down or gift it to your children to appear less wealthy due to what’s known as the five-year “look back” that the government will do when they examine your finances. They will consider all of the major transactions you have made in the last five years before deciding if you qualify for Medicaid. This is why it is better to begin the Medicaid planning process sooner rather than later. 

What Does The Medicaid Planning Process Look Like?

There are several tools our Lantana Medicaid planning attorney might use to preserve your assets while restructuring them to ensure you qualify for Medicaid benefits. He can analyze your finances and present you the options he thinks will benefit your situation most. Some possibilities might be:

• A Qualified Income Trust (QTI) – an irrevocable trust to which you deposit your income to be controlled by a trustee of your choice
• A Pooled Income Trust – an irrevocable trust into which any of your “surplus” income can be deposited 
• An Asset Protection trust – a trust you can transfer your assets to in an effort to remove them from your estate
• Spousal transfer – the transfer of your assets to your spouse
• And more!

Our Lantana Medicaid Planning Attorney Can Help You Confidently Navigate The Medicaid Planning Process 

Elder Law, P.A. is devoted to helping elders preserve their legacy in the Medicaid planning process. Our lead attorney, Ryan J. Smollar, has over 10 years of experience in protecting the future of his clients and their families. Call today to schedule your free consultation and learn more about the knowledgeable guidance we can offer!