Most people understand that Medicaid is for the poor, and they may know a family member who lacks assets to pay for a decent nursing home and was put in a “Medicaid facility.” If you have known someone in such a facility, you probably weren’t impressed with the care.
So why would I want to do Medicaid planning?
That’s a great question and the answer is Medicaid isn’t only for the very poor. Through well-established rules and regulations, the federal government permits middle class people who qualify for Medicaid by excluding some assets from counting towards Medicaid classification. These rules and regulations also permit a person to transfer assets or income streams to others and to have those not count for Medicaid qualification. So, Medicaid can still be a benefit to someone who has a comfortable lifestyle.
The goal of the Medicaid planning for a middle class person is to preserve as much of the assets for their family while making sure they get the best assisted living or nursing care possible. The goal is not to be in a substandard facility just so your heirs get more money. The goal is to use your money for you to provide quality care while maximizing what your heirs can still receive. Medicaid planning involves understanding complex government regulations, and the techniques require a skill most lawyers lack. You need someone specially trained in Medicaid planning.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.
