Winter Park Medicaid Planning Attorney
At Sperling Ducker we encourage our clients to plan as far in advance as possible for estate-related matters. Some estate planning matters can including setting up a durable power of attorney, drafting a last will and testament, and planning for Medicaid assistance. In the area of Medicaid planning, it is critical that you work with an experienced Winter Park Medicaid planning attorney about your situation more than three years, and if possible five years, before the time comes that you may need Medicaid. Even if you may believe it is too soon to begin thinking about Medicaid planning, it is never too early to inquire more about how Sperling Ducker can help you.
We can answer questions, address your concerns, and provide valuable legal advice regarding your Medicaid planning needs and any other elder law matters that may apply to you.
Advance Planning is Key to Your Medicaid Eligibility
Medicaid is a federal health care program that helps pay for institutional care, usually in a nursing home. You have worked hard your entire life for this benefit. It is important that you plan your estate in such a way that you are able to take advantage of the benefits available for you and your family.
In order to receive these important Medicaid benefits, however, you must be deemed eligible. In determining eligibility, Medicaid officials will look over your income, assets, savings, home equity, annuities, and more. It is therefore important to plan how you will manage your finances with Medicaid benefits in mind.
Some people may believe that they can simply transfer assets to a spouse or family members in order to reduce their worth on paper to qualify for Medicaid. However, when the government determines eligibility for health benefits, financial workers will examine any transactions or gifts you made in the three years prior to your application. In some cases and for some types of assets, the look-back period will be as long as five years. This is why we recommend that your planning start as early as possible to ensure that any gifts or transactions occur before such time that it could be used to disqualifying you from receiving Medicaid.
Working With You to Develop a Plan Tailored to Meet Your Needs
Since 1999, our Winter Park Medicaid planning attorney has worked with families and individuals on the development of estate plans that meet the needs of his clients. As a firm, we know that planning for Medicare does not happen in a vacuum, it requires the consideration of many other factors — both legal and non-legal. We will evaluate the entirety of your financial situation and estate planning needs to best plan for your Medicaid eligibility.
For some people, making decisions about how to manage their estate can create issues your adult children may not understand and may involve decisions with which your children disagree, often due to a lack of understanding of Medicaid planning and legal requirements. Your privacy and confidentiality are of utmost importance, but if you want our help in explaining your situation and plans to family members, we can help. Depending on your wishes, we can either communicate directly with your family members or help you develop a strategy to have what may be a difficult conversation. It always makes estate planning easier when family members are on board and supportive of the decisions you are making. We can help explain the benefits of taking certain legal steps to protect your assets and your estate, which will in turn benefits your family members.
Even if you have already taken the time to develop an estate plan, as your family changes and grows, it is important to make sure that your documents are up-to-date and accurately reflect your needs and goals. You should review your plan as soon as possible after major life events such as births, deaths, marriages or divorces occur in your family. We will regularly review all facets of your estate plan and discuss any possible issues that may have arisen with you so that we know whether to alter your Medicaid planning in any way.
Winter Park Asset Protection Attorney
When it comes time to protect your assets, Sperling Ducker can help. We provide individualized attention and will sit down with you to ensure that you understand all your options. We understand how hard you have worked for your savings and will do our best to provide maximum asset protection while still ensuring that you have the necessary financial benefits should you require extensive medical care or a move into an assisted living facility.
Many people confuse the rules for gifting and Medicaid planning. The amount that you may be able to gift for tax purposes can have very different implications when it comes to future Medicaid eligibility. We can sit down with you and help you look at all the specific issues in your situation and help you make a plan for the future.
Contact Our Winter Park Medicaid Planning Attorneys Today
Medicaid planning requires many different considerations and you should always discuss your needs with an attorney who has specific knowledge of the Medicaid laws and requirements in Florida. An understanding of the laws is essential to designing a comprehensive plan to both protect your assets and maximize your Medicaid benefits. At Sperling Ducker we take pride in our ability to craft creative solutions for each client’s unique situation. Please contact our Winter Park, Florida, law firm or call us at 407.645.3297 to schedule a flat-rate consultation with an Winter Park Medicaid Planning Attorney . We are happy to meet with you either at our offices or the location of your choice.