Medicaid Planning

Fendrick Morgan lawyers provide detailed guidance for Medicaid qualification and asset protection planning, to make the process as smooth as possible.

Medicaid Planning and the Application Process

Today, a senior citizen (aged 65 or older) has a one-in-four probability of spending time in a rehab, assisted living or nursing home facility. With nursing home costs averaging a hefty $13,000 per month, it is extremely important to be prepared financially for you and your loved one’s long-term care.

How Can You Afford to Pay for Long-Term Care?

While families may pay for nursing home and assisted living expenses privately, no one wants to work hard their whole life only to watch their life savings disappear quickly during the golden years. Fortunately, there are a number of options to address funding these health-related expenses including long-term care insurance, Medicare, Veterans’ Benefits and/or Medicaid.

A Closer Look

Although Fendrick Morgan lawyers are strong advocates of long-term care insurance, we understand that this may not be a viable option for some. Approximately only 5% of all Americans have long-term care insurance. Medicare is only a temporary aid to assist with such costs, and less than 1% of all nursing home residents currently receive Veterans’ Benefits.

Therefore, the primary long-term alternative to help cover assisted living and nursing home expenses is Medicaid. By initiating Medicaid planning early, you hold the key to protecting hard-earned assets while maintaining a high level of comfort and care.

With the firm’s guidance, we can help clients be proactive which increases the likelihood of preserving your assets and qualifying for Medicaid benefits. When an individual qualifies, usually his or her income is designated to pay for a portion of the long-term care costs. Medicaid, greatly benefitting you and your loved ones, pays the remaining balance.

Benefits of Medicaid Planning

There are many benefits of proactively planning for applying for Medicaid. Below we have listed a few reasons:

  • Avoid dissipation of life-long savings and protect assets from the nursing home and assisted living expenses;
  • Allow the surviving spouse to maintain his or her standard of living;
  • Preserve the estate for heirs;
  • Appoint an individual to assist with financial affairs and end-of-life medical decisions;
  • Plan and allocate finances for current and future medical residential needs;
  • Create a Qualified Income Trust (QIT) for excess income, where appropriate.

Life Requires Planning…how we can help

At Fendrick Morgan, we recognize that life is all about planning. Our approach is to combine years of experience with skillful and creative drafting to produce a customized plan for each client that best meets his or her individual needs.

First, though, we listen. We listen to your concerns, needs, and desires before utilizing the extensive education and asset preservation tools in creating the appropriate vehicles to protect your assets in the event that you or your spouse require long-term care.

Our clients are our number one priority and we work hard to help you qualify for governmental assistance, when appropriate, and to ensure that your estate planning documents (such as your Wills, Living Wills, General Durable Powers of Attorney and Trusts, where applicable,) are all properly in place.

Above all, we focus on providing the highest level of professionalism and service, at all times. Our skillful attorneys will guide you through the Medicaid process and help you successfully apply for benefits to which you are entitled.

Contact us today to learn how to make your future something to look forward to and not an expense you fear you cannot afford.

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