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Semmes, AL Medicaid Planning Lawyers

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The expenses associated with staying in a nursing home are much more costly than many families realize. Extended stays in a facility, prescriptions drugs, and other common healthcare needs are not covered by Medicare, and can end up being upwards of thousands of dollars. This means it is not only possible, but probable that a senior’s hard-earned life savings could be drastically drained in just a few months after entering a care facility! 

Qualifying for Medicaid, a public health insurance program, can be the saving grace for many families, but since it is an income-based process, it can be extremely complex. With the assistance of our skilled Semmes Medicaid planning lawyers, you can have confidence in your future knowing that your family and your assets will be protected. Call today to discover more about how The Ladd Firm can seamlessly guide you through this intricate process!

Semmes Medicaid Planning Lawyers

Long-Term Care Costs Are Dizzying 

Nursing homes and assisted living facilities are not the same thing, and are not the same price. In Alabama, the average costs for semi-private and private rooms in nursing homes vary depending on the area of the state, but mostly range from $3,500 to $8,000 per month, which is nearly double the costs of assisted living facilities. This is a significant bill to foot for anyone, but especially for those who are on a fixed income. 

Most private insurance companies will not cover the majority of these expenses, which leave only two possible outcomes for a senior who needs to enter a nursing home: either their wealth will be depleted, or their loved ones will be forced to cover the payments. You do not want to be caught in either of those scenarios, which is why seeking the guidance of our knowledgeable Semmes Medicaid planning lawyers to ensure that you qualify for coverage is an essential part of making the final decades of your life and your family’s lives less stressful.

Our Semmes Medicaid Planning Lawyers Simplify The Qualification Process

So, how does one “plan” to qualify for Medicaid? Even if you exceed the income limit, there are a number of strategies – such as special trusts that aren’t countable by Medicaid – that can be put into play to ensure that you qualify for coverage, while maintaining control of your assets. Many people falsely believe that qualifying for Medicaid could be as simple as gifting their assets to their children or spending them down, but this is a dire misunderstanding. When processing applications, the government conducts what is called a “5-year look-back” at your finances, which means they analyze your income from the last 5 years, not just at the time of your application. This is why it is crucial to begin the Medicaid planning process as soon as possible!

Depending on your unique financial situation and family dynamics, our adept Semmes Medicaid planning lawyers may recommend one of the following strategies:

  • Qualified Income Trusts – an irrevocable trust where your income is deposited and controlled by your chosen trustee
  • Pooled Income Trusts – an irrevocable trust where surplus income is deposited
  • Asset Protection Trusts – a trust where all of your assets are transferred in order to remove them from your estate entirely
  • Spousal transfer – transferring all of your assets out of your name and to the name of your spouse
  • And More!

Trust The Ladd Firm To Help You Safeguard What Matters Most

You likely still have questions, and we are prepared to answer them! We are dedicated to educating our clients so that they can feel empowered in the decisions they make. Our team of attorneys is well-versed in the federal and state Medicaid laws, putting you in the best position for success. Call today to learn more about your options and book a consultation!

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Semmes, 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.

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