Florida Medicaid Planning to Preserve Your Wealth

As you grow older, you or your loved ones may require long-term nursing home services that threaten to completely drain your savings. Although Medicaid is designed to pay for these kinds of costs if financial circumstances prevent a family from being able to afford them, Medicaid will not go into effect until all your financial resources have been spent — leaving nothing for yourself or your heirs. If you are facing this kind of situation, rest assured that there are legal solutions to this problem.

At the Law Office of Kitroser Lewis & Mighdoll, we help families prepare their finances in a way that preserves their wealth, while making Medicaid benefits available. Indeed, through appropriate Medicaid planning, Florida families can gain access to Medicaid benefits without first draining their entire net worth on medical bills.

There are certain income and asset restrictions that Medicaid recipients must have in order to qualify for the benefits. Some are afraid they will be subjected to a massive spend down before they will meet these restrictions, or that they will need to give away access to and control of their money, but this does not have to happen to you. Our firm can help you keep access to your money while you also receive Medicaid assistance.

Our firm has nearly 100 years of combined experience in the estate planning field. If you are currently facing the need to pay for long-term care and you need to qualify for Medicaid, we might be able to help. However, it is important for individuals to begin their Medicaid planning now rather than wait until the last minute. A five-year Medicaid look-back period means that this process needs to begin in advance. If you have any questions about this process, our firm can answer those questions and advise you of what your rights and options are under the law.