Medicaid planning is a notoriously complex and confusion process. With books of laws and codes, almost anyone can quickly be confused. At Kitroser & Associates, we are knowledgeable of Medicaid guidelines, as well as developments and changes in the law. Our team and attorney work with clients to provide them a straightforward approach to medicaid planning that meets their specific needs and wishes for the future.
Some of the most important things that people need to know about Medicaid include:
How much money can I have or be receiving to be eligible for medicaid?
You must have no more than $2,000 in countable assets and receive no more than $2,022 a month. Of that amount of income, you can only keep $35 for personal use.
What is a countable asset?
Almost any asset should be considered countable. If Medicaid can reach it, it should be considered a countable asset. An asset can be uncountable if it meets certain criteria for nonliquid assets such as joint ownership or specific insurance policies.
What about trusts?
In some situations, trusts can be used to convert countable assets to noncountable assets.
Should we move assets from our accounts?
No. This can result in significant penalties. It is important that you work with a skilled attorney or professional to evaluate your specific situation and create a strategy for gifting, if you wish to do so.
What about my spouse?
If your spouse still has significant assets, you can spend yours down and potentially qualify as an “impoverished spouse.” This means that your spouse can keep his or her assets (up to a limit) as you prepared to qualify for Medicaid.
At Kitroser & Associates, we provide straightforward and clear guidance through Medicaid planning, putting together strategies and solutions that meet your specific situation and ensure that you are protected. We will assist you in making the required qualifications to receive Medicaid help.
The North Palm Beach Estate Planning Lawyers of Kitroser & Associates, welcome clients from the cities of West Palm Beach, Palm Beach Gardens, Palm Beach, Jupiter, Tequesta, Juno Beach, Singer Island, Lake Park, Hobe Sound, Royal Palm Beach, Wellington, Lake Worth, as well as all of Palm Beach County, Martin County and South Florida.