Knowledgeable Bucyrus Attorney Helps Clients Plan for the Costs of Long-term Care
Astute Ohio advocate develops effective and comprehensive asset protection strategies
No one wants to see a lifetime of work eaten away by medical expenses. At Eyer Law, Ltd. in Bucyrus, I help individuals and their families throughout North Central Ohio figure out how to pay for long-term care costs using a diverse range of asset management and protection strategies. I have years of experience analyzing complex concerns and proven methods to achieve a wide range of goals and objectives. Whether you need assistance in protecting your assets to qualify for Medicaid or for any other purposes, I will assess your goals and situation and provide a detailed plan to obtain them.
Are there income and asset caps to qualify for Medicaid?
Medicaid benefits are intended for those with limited resources, and applicants seeking coverage for nursing home or assisted living care cannot qualify unless their income and assets are below set levels. The financial limits depend upon whether a person is single or married and if one or both spouses are applying.
There are many factors that contribute to the calculation of what qualifies as income and assets for purposes of Medicaid. I am well-versed in long-term care Medicaid law and will determine if you meet the qualification requirements.
What are the Medicaid spend-down rules?
You may find yourself subject to Medicaid spend-down rules that affect your ability to qualify for long-term care benefits. If a person’s or couple’s assets exceed the limits set under Medicaid regulations, the individual must reduce, or spend-down, assets until only the allowed amount remains. Generally, any type of expenditure that benefits the applicant, spouse or dependent children will be accepted for this purpose. Transfers to adult children, other relatives or anyone outside the family are generally considered improper and might be discounted. However, if you plan far enough in advance, it is often possible to qualify for Medicaid without depleting your estate, and I will talk you through all the available options.
What types of asset protection strategies are part of effective Medicaid planning?
Implementing comprehensive planning early on can help you effectively comply with Medicaid spend-down rules. By strategically structuring the ownership of assets and making transfers before the five-year lookback period comes into effect (every transfer after this period is subject to the spend-down rules), you can position yourself to qualify for Medicaid benefits and protect your family’s future. Medicaid planning can be quite complex, and I develop effective plans to meet each client’s needs and goals.
Contact a respected Ohio law firm to schedule a free consultation
At Eyer Law, Ltd., I help clients safeguard their financial stability and advise individuals across North Central Ohio on asset protection strategies. Call 419-834-2193 or contact me online to schedule a free consultation at my Bucyrus office.
