If you’re currently in your retirement years, have you thought about the future? Have you considered what it might look like if you were to need long-term care or to live in a nursing home? You likely don’t want to be a burden to your loved ones – they have their own families and lives to live. 

The cost for this type of care is exponential and only rising with each passing year. If you aren’t prepared to pay these costs out of your own pocket (nearly no one is) then it’s time to start exploring other options, such as qualifying for Medicaid. 

Medicaid is a government health benefits program that greatly helps millions of Americans with their long-term care costs, but it is limited by income. However, through a process called Medicaid planning, you can take certain steps ahead of time to ensure you are able to qualify when you need it most. 

Our skilled Spanish Fort Medicaid planning lawyers can simplify the process and put you in the best position for future eligibility. To learn more about what this entails, call today and schedule a free consultation! We are happy to see you in person or speak over the phone. 

What Is Medicaid Planning?

Medicaid planning involves reorganizing and restructuring your assets to meet the income restrictions of Medicaid. Medicaid coverage is vital to many Americans’ ability to receive healthcare, but it can be a financial lifeline when it comes to long-term care. 

Here in Alabama, our long-term care and nursing home costs are generally less expensive when compared to other states, but that still doesn’t mean they are cheap. On average, a person can expect to pay around $7,000-$7,500 a month for a private room in a nursing home, $3,500 a month in an assisted living facility, and $4,000 a month for in-home care. 

Using these figures, it’s easy to see how even a six or nine month period of care could decimate an individual’s life-savings, let alone a person that ends up needing care for years on end. 

This is likely not how you want your money to be spent. You have plans for that money, whether they be gifting inheritances to your loved ones or donating to a charity you care for dearly. This is why our Spanish Fort Medicaid planning lawyers are here to help ensure your legacy is protected!

How Do You Plan To Qualify For Medicaid?

There are several strategies that our experienced Spanish Fort medicaid planning lawyers might choose to use to help you prepare for eligibility, depending on your unique circumstances. They include:

• Creating A Qualified Income Trust – an irrevocable trust where your income is deposited and controlled by your chosen trustee
• Creating A Pooled Income Trust – an irrevocable trust where surplus income is deposited
• Creating An Asset Protection Trust – 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!

Some people have concerns over the legality of Medicaid planning, but we are here to assure you that it is entirely legal! Similar to how tax planning strategies can be used to pay less in taxes, you can use Medicaid planning to qualify for Medicaid. 

Why Choose Our Spanish Fort Medicaid Planning Lawyers?

Our lead attorneys, Banks Ladd and Mary Carol Ladd, have over 50 years of combined experience. They are passionate about helping Alabama families plan for the future, protect their legacy, and ensure their loved ones are taken care of. If you’re ready to begin the Medicaid planning process or simply learn more, we would love to speak with you. Book your free consultation today and discover how working with our Spanish Fort Medicaid planning lawyers can give you confidence in the future!

Frequently Asked Questions About Medicaid Planning In Spanish Fort, AL

Can I just give my money to my family or spend it down in order to qualify for Medicaid?

NO and there is a huge reason why! When the government reviews your finances during the eligibility process, they will not only look at your major transactions during that year, but during the last five years! If they see that you significantly depleted your wealth by spending it or giving it away, you could face penalties that delay your eligibility and benefits. 

What assets are exempt from Medicaid eligibility requirements?

Your primary residence (up to a certain equity limit), one vehicle, personal belongings and household items, prepaid funeral plans, certain retirement accounts in payout status, and life insurance with a small face value. 

When should I start Medicaid planning?

Because of the five-year look-back, it’s best to start planning early, ideally years before you will need care. The earlier you start, the more options our Spanish Fort Medicaid planning lawyers have for helping you protect your assets.