Orlando Medicaid Planning Attorney
While few relish the task of planning for the worst, it is quite possible that at some point in the future you or a loved one will fall ill to a serious medical condition, and planning for that possibility can help save your assets from the high costs of long-term or intensive care. Our Orlando Medicaid planning attorneys assist clients with long-term planning. Our estate planning services include creating a durable power of attorney, Medicaid planning and assistance, drafting wills, and more.
Medicaid Planning to Protect Your Assets
Some people have the incorrect notion that Medicaid is only for the working poor, when in fact millions of senior citizens qualify for Medicaid to help them with their long-term care, such as assisted living or nursing home care. Medicaid is a federal health care program that, in part, provides assistance for senior citizens and adults with disabilities who require special home or living care. You worked all your life to save up for retirement, as well as paying into Medicaid through taxes, and the fact is that the average American cannot come even close to being able to afford just a few years of nursing home care when they reach their late 70s or 80s. According to the Orlando Business Journal, the average cost of a nursing home in Florida is over $91,000 per year. By careful Medicaid planning with your attorney, you can save hundreds of thousands of dollars by creating a special healthcare trust that protects your assets, and allows you to take advantage of high-quality health care and living assistance for years to come. You may not be at the stage of needing assisted living or nursing home care at this point, but we encourage our clients to start planning at least three to five years out. Our attorneys are adept at answering questions and relaying all of the relevant information that you need in a straightforward, easy-to-understand manner so that you can start making decisions today.
Planning in Advance
Qualifying for Medicaid can be a timely, complex process in which officials analyze your income, savings, assets, and more before deeming you eligible. With that said, some people assume that they can simply give large gifts to spouses or family members to make themselves eligible by appearing less wealthy than they really are. The Medicaid administration will see through this, and on top of that, you may be stuck with substantially higher taxes if you give large amounts of money away as gifts. According to the Internal Revenue Service, $14,000 and $15,000 are the maximum allowable non-taxed gift amounts for 2017 and 2018, respectively. The Administration looks at the past three years when determining your eligibility, which is why advanced planning is necessary. Our attorneys will help you maximize your assets and health care needs.
Medicaid Planning Attorneys for Protecting Your Assets
A serious illness or injury, or an extended stay in an assisted living or nursing home facility can financially ruin even more wealthy individuals. Because of this, we strongly urge you to call Sperling Ducker PLC to start planning today.