Flagler Beach Medicaid Planning Lawyer

Flagler Beach Medicaid Planning Attorney

The qualifications for Medicaid eligibility are fairly strict in Florida, which is why it’s important to understand your finances and have a plan for your future. While you can do this on your own, you may find it far more beneficial to work with a Flagler Beach Medicaid planning lawyer.

Our Flagler Beach estate planning lawyers at The Preston Law Firm have decades of experience helping clients with their Medicaid planning needs. We offer personalized solutions and whatever level of support you need for your preparations for the future.

What Is Medicaid in Florida?

Medicaid is a joint federal and state medical assistance program that offers health care to those with low income and limited resources. Typically, the Florida Department of Children and Families (DCF) determines your eligibility for Medicaid.

The DCF processes 220,658 Medicaid-related cases, including applications, redeterminations, or requests. In 2023, there were 19,165 people enrolled in Medicaid. This accounted for 14.9 percent of all Florida Medicaid enrollments. Of all the Medicaid enrollments that year, approximately:

• 6 percent were child Medicaid/CHIP coverage
• 6 percent were adult Medicaid coverage
• 3 percent were senior Medicaid coverage

What Does Medicaid Planning Look Like in Flagler Beach?

Medicaid planning involves protecting your assets while ensuring you still meet eligibility requirements for Medicaid coverage. Medicaid has strict asset limits in Florida. In order to be eligible, the assets you own must be below a certain value before you can qualify for benefits. To reach these limits, people often must spend down their assets until they’re at the right level.

Through Medicaid planning, you can preserve your assets while still meeting the requirements for coverage. At The Preston Law Firm, we’ve employed a variety of strategies to help our clients with their Medicaid planning goals. Our Medicaid planning strategies include:

• Creating a trust. An irrevocable trust is a type of trust that cannot be modified or revoked once it’s created. The person creating the trust (grantor) puts assets in the trust and appoints a trustee to manage the trust and distribute assets to the beneficiaries outlined in the trust. By placing assets in a trust, you can avoid claiming them when you apply for Medicaid while still getting to keep them.
• Executing a personal services contract. A personal services contract is a contract between a Medicaid applicant and a family member or other trusted third party. The agreement involves the applicant paying the other person for some form of service, which in turn reduces their assets that are countable by Medicaid.
• Getting a spousal waiver. A spousal waiver, also known as “just say no,” gives all assets to the community spouse – the one not applying for Medicaid. The spouse must sign a document that states they won’t pay for their spouse’s long-term care services. Spouses aren’t obligated to pay for each other’s health care services since Florida is a separate property state, so this waiver essentially protects all assets.
• Giving away assets. If you can part with certain assets, it may be time to give some things away to people you love and trust. It’s important to approach this strategy with caution. There’s a five-year look-back period for Florida Medicaid cases wherein state officials review your financial history to ensure you didn’t give away assets simply to meet their requirements.
• Purchasing exempt assets. There are certain assets that are not counted for Medicaid eligibility, including burial and funeral costs, life insurance policies, Medicaid-compliant annuities, personal property, a vehicle, your primary residence, and certain retirement accounts.
• Using income-producing assets. If you have any assets that don’t make you any income, it can be helpful to convert them so they do. For example, you can use a piece of real estate as a rental property or turn a stock into a dividend-paying stock.

By evaluating your situation, a Flagler Beach estate planning lawyer from The Preston Law Firm can determine which avenue to explore to secure your assets and your Medicaid eligibility.

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Talk to a Flagler Beach Medicaid Planning Lawyer to Schedule a Consultation Today

It’s never too early to start planning for your future. By working with a Flagler Beach Medicaid planning lawyer, you can maximize your earning potential and improve your chances of being accepted for Medicaid. Reach out to our team to schedule a consultation with a Flagler Beach estate planning lawyer today.