Mobile, AL Medicaid Planning Lawyers
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Did you know that nursing homes and other types of long-term care can cost upwards of $3,500 a month in Alabama? If you do some quick math, you will realize that that number quickly adds up to more than $40,000 a year! To some people, that amounts to their annual salary. To people who are retired and living on a fixed income, it would be nearly impossible to sustain such an expense. Many people are able to pay long-term care costs through Medicaid benefits, but a large portion of the population are unfamiliar with what Medicaid is and how it works. Those that are familiar with it may feel like Medicaid isn’t an option for them because they exceed the income requirement and therefore aren’t qualified to obtain benefits.
Through a process called Medicaid planning, you can qualify to receive benefits even if you think you exceed the income requirement, and The Ladd Firm has helped many clients reach this very goal. Contact our Mobile Medicaid planning lawyers today to learn more about how this can be accomplished!
What Is Medicaid And Why Do I Need To “Plan” For It?
Medicaid is a United States public health insurance program designed for people with low income. While the enrollees are diverse and of all different ages, many older Americans use Medicaid benefits to help ease the cost of a nursing home stay or other long-term care. As already stated, a nursing home in Alabama will typically cost thousands of dollars a month for care – even more for memory care service, such as those for patients with Alzheimer’s or other types of dementia.
When you apply, the government will complete what is called a “means test” to analyze your finances and see if you fall below or above the income requirement. No, you can’t simply gift your money and assets to your children so that you look poor! The government will not only be looking at all of the major financial transactions you were recently involved in. They will be looking back for five whole years!
There are ways to restructure your assets in such a way that you are protected from losing them, while still managing to qualify for Medicaid benefits. This is what it means to “plan” for Medicaid. However, due to this 5 year “look-back” window, it is crucial to begin the Medicaid planning process as soon as possible.
How Can An Attorney Help Me Qualify?
In order to put you in the best position to qualify for Medicaid benefits, there are a number of strategies that our Mobile Medicaid planning lawyers can utilize based on your current financial situation and unique family dynamics. Some of these strategies may include:
- Qualified Income Trusts – an irrevocable trust to which you deposit your income and select a trustee to control it
- Pooled Income Trusts – an irrevocable trust to which you deposit your surplus income
- Asset Protection Trusts – a trust to which you transfer all of your assets to, which removes them from your estate entirely
- Spousal Transfer – the transfer of your assets out of your name and into the name of your spouse
Call Our Experienced Mobile Medicaid Planning Lawyers Today!
There is no one “right” way for Medicaid planning to take place. After we hear your concerns and have an open discussion regarding your assets, we will be able to determine the path that will yield the best outcome for you and your family. We pride ourselves on the personalized service we have been providing to Mobilians for nearly 30 years. Call The Ladd Firm today to learn more about your options when it comes to Medicaid planning, and how we help you navigate the process!
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Mobile, AL Practice Areas
The Ladd Firm is an asset for individuals who need assistance with estate planning. They are truly concerned with what is best for their clients and take the time to understand the situation and tailor the options for the best outcome.
The Ladd legal firm is a very personal and professional legal firm. The service we received was complete and their patience with explaining the process of establishing a family trust made us completely comfortable. We are amazingly comfortable recommending them to anyone wishing to set-up a family trust.
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