Medicaid Planning - The Preston Law Firm

Protecting Your Assets and Securing Your Future

As individuals age, they may require long-term care and assistance with daily living activities. This care can be costly, and many individuals turn to Medicaid, a government-funded program, to help cover the costs. However, applying for Medicaid can be a complex process, and it’s important to have an experienced attorney to guide you through the process and help you protect your assets.

At The Preston Law Firm, our attorneys have extensive experience in Medicaid planning and are dedicated to providing our clients with the personalized attention and support they need. Contact us today to schedule a consultation and learn how we can help you with your Medicaid planning.

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Common Medicaid Planning Strategies

Medicaid planning is the process of protecting your assets while still meeting the eligibility requirements for Medicaid. In Florida, Medicaid has strict asset limits, and individuals must spend down their assets to a certain level before they can qualify for benefits. Medicaid planning can help individuals preserve their assets for their loved ones while still meeting the eligibility requirements for Medicaid. Here are some of the Medicaid planning strategies that we commonly use:

Create a Trust

We may recommend creating an irrevocable trust to protect assets while still meeting the eligibility requirements for Medicaid.

Make Assets Income Producing

Execute a Personal Services Contract

Purchase Exempt Assets

Give Away Assets

Spousal Waiver (“Just Say No”)

Medicaid Planning Process

Step 1

Assessment

We will review your financial situation to determine what assets you have and which ones are protected.

Step 2

Planning

We will work with you to develop a plan to protect your remaining assets and meet the eligibility requirements for Medicaid.

Step 3

Implementation

Once the plan is in place, the attorney will help you implement it and ensure that all necessary documents are filed.

THE PRESTON LAW FIRM

If you find yourself in this or another similar situation, the Preston Law Firm has the knowledge and experience to assist you. Timing is critical, CLICK HERE to contact us today.

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New Smyrna Beach Medicaid Planning Lawyers