Helping Families To Plan For Nursing Home Care And Protect The Estate
The federal government, in conjunction with the State of Florida, offers programs to assist with the exorbitant costs of nursing home care and other types of long-term care. But there is a catch – Medicaid benefits do not kick in until you meet the asset qualifications.
It is possible to pay for nursing home care, home care or assisted living care without burning through a family’s life savings. If you start planning years in advance, you can protect wealth or pass it to your heirs. But Medicaid has a five-year “look-back” on asset transfers that can result in denial or delay of long-term care coverage.
Put Your Trust In A Board-Certified Specialist
I am Michelle Hollister, an attorney certified in Elder Law by the Florida Bar. I work with Medicaid planning and Medicaid eligibility every day, helping South Florida seniors and their families find a way to cover long-term care without depleting the whole estate. Many of my clients are scrambling because their family member is going into nursing home care shortly (or has already been admitted) without any Medicaid planning in place. The options are more limited in these dire situations, but there are steps you can take to preserve some of the remaining assets.
I can advise on all facets of long-term care planning:
- Transfer of wealth through gifting, trusts and other strategies
- Assisting with the Medicaid application and eligibility process
- Exploring long-term care insurance to supplement costs
- Pre-need guardianship designations or health care power of attorney
- Asset protection in emergency circumstances
There Is A Right Way And A Wrong Way In Medicaid Planning
Some financial planners will say there’s nothing you can do avoid the spenddown. That is not true. But other professionals may steer you to dicey tactics that are no longer sanctioned (or never were). Doing nothing or making the wrong moves can both have adverse results — forfeiture of assets, loss of Medicaid eligibility and financial penalties.
As an elder law specialist with over 25 years of experience, I am up-to-date on state and federal laws. I know which practices will pass government scrutiny and which ones will trigger the look-back and a possible delay or denial of Medicaid subsidies.
It’s Never Too Late
If you worry about your assets being consumed by the cost of long-term care or if your loved unexpectedly needs to go into a nursing home, please contact me today. We will assess your situation and take action to preserve as much of the estate as possible. Call 561-401-0743 to arrange a consultation, or contact me online. We can meet at my Boca Raton office or I can come to you.