Understanding Medicaid Planning
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What Is Medicaid Planning?
Perigon Legal Services provides guidance for Medicaid planning to help you understand long-term care expenses. Contact us today for more information.
Medicaid planning is crucial for those who do not initially qualify for Medicaid due to substantial monthly income, savings, or property ownership.
This planning process involves strategically reorganizing personal assets to facilitate eligibility for Medicaid benefits, which can cover the substantial expenses associated with long-term healthcare, including home care or nursing home costs.
One instrumental tool in Medicaid planning is the Medicaid Asset Protection Trust, commonly called a Medicaid trust. When structured correctly and executed within specific time frames, assets placed within a Medicaid trust will not be counted toward the maximum asset limit for Medicaid qualification, offering a potential pathway to eligibility for those who might otherwise not qualify.
Medicaid planning requires the careful evaluation of your financial situation and healthcare needs. To explore your options and receive advice tailored to your specific situation, don’t hesitate to consult with our estate lawyers at Perigon Legal Services.
Medicaid Eligibility and Requirements
Medicaid, established in 1965, is a program operated by both the federal government and individual states. It aims to provide essential medical, custodial, or long-term care assistance to individuals with limited income or resources. It’s essential to distinguish Medicaid from Medicare, as the former covers services beyond what Medicare offers and caters to specific needs such as nursing home care and personal care services.
Steps for Medicaid Planning
Medicaid Planning and Trusts
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