Many seniors who have built up savings or a homestead will someday need the services of a nursing home. Nursing homes are expensive, and most people do not realize that Medicare does not cover nursing homes. To help with this, they will rely on Medicaid to cover the expenses. However, Medicaid has many complicated rules about the Value of assets an eligible person can have. Because of this, you should seek an attorney who provides Medicaid planning in Baraboo.
Horn and Johnsen SC is a law firm that specializes in Medicaid planning. They help senior citizens protect their assets so their assets can be passed down to their children.
Medicaid is a joint federal and state funded program that provides medical and nursing home coverage to eligible low-income people. Medicaid has many complex rules which govern eligibility. The Medicaid program also has strict rules on the assets owned by the person covered by Medicaid. Medicaid planning in Baraboo can help protect those assets.
Medicaid Asset Protection
Since Medicaid is for low to limited income people, the rules require Medicaid recipients to spend down their assets. This means that any assets over the Medicaid limit must be considered when determining if or when a person is eligible for Medicaid.
Medicaid asset protection and Medicaid Planning Trusts involves prior planning. You can gift assets to close family members or to a trust to reduce your assets and qualify for Medicaid benefits. There is generally a five look-back period for transfers of assets to an individual or trust.
A Medicaid Planning attorney close to you can protect and preserve your assets, so they can be passed down to your descendants. You should work with an experienced lawyer who can rearrange your assets to make you eligible for Medicaid. Proper prior planning can guarantee security for your assets even after a family member has entered a nursing home.
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