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Saraland, AL Medicaid Planning Lawyers

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Seniors of today’s age are living longer than ever, but many of them eventually come to require the 24/7 care that only a nursing home or other long-term care programs can provide. Unfortunately, the cost of these facilities and services is exponential and only getting more expensive by the day. Most private insurance companies do not cover these expenses, which makes it nearly impossible for individuals on a fixed income to get the care they need. Many Americans use Medicaid – a public health program – to cover the costs, but not everyone is able to qualify due to income limitations. Through a legal process called Medicaid planning, more people are able to qualify for Medicaid benefits who may not have been able to before. Our Saraland Medicaid planning lawyers are well-practiced with this complex procedure and have over 50 years of combined experience in this legal field. Call The Ladd Firm to schedule your free phone consultation and get your questions answered today!

Is Medicaid Planning For Me?

Contrary to popular belief, Medicaid is not only for Americans over the age of 65; enrollees are men, women, and children of all ages. However, individuals of advanced age who don’t have a large amount of disposable income have found that Medicaid is extremely beneficial when it comes to funding the high-cost of nursing home stays and long-term care services. To give you some perspective, one can expect to spend around $3,500 each month while receiving care in Alabama. A 10-12 month period could end up costing them around $40,000. This can greatly impact a senior’s financial situation, and devastate the inheritance they may have planned to leave for their children or other loved ones. 

The problem is that not everyone is eligible for Medicaid benefits because of income limitations. These vary for each state, so someone who may have qualified in Louisiana or Georgia may not qualify in Alabama. Many people operate under the false assumption that they can just spend their assets down or gift it to their children to get below the income limit, but it doesn’t work this way. The government will perform what’s called a “look-back” at your financial transactions from the last 5 years. Therefore, “planning” to qualify for Medicaid becomes necessary.

Is Medicaid Planning Something I Can Do On My Own?

Planning to qualify for Medicaid benefits requires strategic restructuring of your finances, so this isn’t something just anyone can do whenever they want. Our Saraland Medicaid planning lawyers have helped countless clients through the process successfully, and can do the same for you. We will take the time to get to know you, your unique financial circumstances, and your family dynamic, and tailor our services to ensure that they meet your goals. Some ways we accomplish this are:

  • Qualified Income Trusts (QTIs) – an irrevocable trust where income is deposited and controlled by a trustee
  • Pooled Income Trusts – an irrevocable trust where surplus income is deposited
  • Asset Protection Trusts – a trust where assets are transferred to in order to remove them entirely from a person’s estate
  • Spousal Transfers – the transfer of assets out of one person’s name and into the name of their spouse
  • And more!

Contact Our Seasoned Saraland Medicaid Planning Lawyers Today For Legal Guidance You Can Trust

We are passionate about helping seniors have peace of mind that their golden years will be full of rest, joy, and contentment. The last thing you want is to burden your family with your care, or spend away your life savings on a stay in a nursing home. We are ready to hear your concerns and answer your questions as we provide our personalized services to you. Call today to schedule your free phone consultation and let us navigate you to confidence in your future!

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Saraland, 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.

David J.

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.

Dan K.

The LADD Firm

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(251) 431-6014