Medicaid Planning Issues
Medicaid planning is a very real issue that affects many of our clients. A typical client that comes to us for this type of work is someone that has worked a life-time, retired with some savings and retirement funds, and now he or she has been diagnosed with a disease that will require long-term care. These clients and their families often are in a dilemma because they have enough funds to pay for care for only a short time. To become eligible for Medicaid, the law requires a “spend-down” of assets to the point where the person receiving the benefits must have below $2000 in assets.
There are some ways to lessen the blow to the “well” spouse. The “well” spouse is entitled to a portion of the income of the spouse that needs assistance if the “well” spouse has less than $1992 per month in income. Also, the amount of non-exempt resources that can be protected for the “well” spouse is the greater of: $23,884 or 50% of the value of the couple’s nonexempt resources owned at the time the “ill” spouse entered long term care, not to exceed $119,220.
Non Exempt resources include things like checking and savings accounts, CD’s, investments, and land other than your exempt home.
Exempt property includes your home and one automobile.
Medicaid issues and related planning continue to grow in importance as people continue to live longer lives and need long-term care. Proper planning can help you to maximize resources.
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Larson and Brown has over 34 years of estate planning legal experience, but we do much more than simply practice law. We are personally invested in our community and work hard to meet the needs of individuals who seek our help. That’s why we build great relationships with our clients by providing valuable information, guidance, and support for current concerns, as well as long term planning.
We care. We listen. We counsel.
To set up a consultation and find out more about creating a legacy for your loved ones, call
(316) 729-0100 or use the follow the button below and send us an email. We look forward to working with you.