Millions of people across the United States rely on Medicaid to help cover the cost of various medical expenses. Unfortunately, healthcare in the U.S. becomes less accessible as time goes on, which is why many people are worried about the fate of Medicaid here in the United States. This is why if you are someone who relies on Medicaid here in the United States, you must ensure that you incorporate it into your estate plan. Our firm has helped countless individuals create comprehensive estate plans that work for them over the years, and we are ready to do the same for you. Please continue reading and speak with our experienced New Jersey estate planning attorney to learn more about Medicaid planning and how we can help. Here are some of the questions you may have:
Why Should I Plan for Medicaid Coverage?
There are various reasons why you should plan for Medicaid coverage. For example, in many cases, doing so will help you get a better picture of your overall financial situation, enabling you to determine whether you can maintain all funds for future planning. Furthermore, Medicaid planning can benefit you when it comes time to apply for Medicaid, as without a plan in place, you may very well face fines and other penalties, which can hurt you in the long run. Individuals should start Medicaid planning at least 5 years prior.
How Do I Know if I Can Receive Medicaid?
The first thing that you should understand is that because Medicaid coverage provides financial assistance for such a wide range of healthcare options, such as nursing homes, assisted living, hospital treatments, and more, those who determine eligibility will closely analyze your situation and determine whether you truly need it. If you have more assets than Medicaid allows, you will be denied. Our New Jersey estate planning attorney can help you restructure your assets so that you may qualify for Medicaid coverage in a situation where you may not receive this coverage otherwise.
How Can I Restructure My Assets for Medicaid Coverage?
Our firm can help you do the following to restructure your assets to obtain Medicaid coverage:
Create an irrevocable trust
Transfer the title of your home to your beneficiaries
Gift assets to family members
Pay for your funeral expenses before you pass
Upgrade your home
Pay off certain debts/pay off your mortgage
Contact Our Experienced New Jersey Firm
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 20 years. That is why we are confident we have what it takes to provide you with the effective legal counsel you need. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.