West Palm Beach Medicaid Planning Attorney
Helping You Preserve Your Assets and Qualify for Benefits
Planning for long-term care can be daunting, especially for those wanting to secure Medicaid benefits while protecting their hard-earned assets. At Kitroser Lewis & Mighdoll, our experienced West Palm Beach Medicaid planning attorneys are here to guide you through the complexities of Medicaid planning, ensuring you can access necessary benefits without sacrificing your estate.
Understanding Medicaid Eligibility and the “Spend-Down” Requirement
Medicaid is essential for seniors, covering long-term care costs, but it comes with strict financial eligibility criteria. Many people mistakenly believe they must “spend down” their assets to qualify. However, strategic Medicaid planning can help you preserve your assets while still qualifying for benefits.
Our team focuses on protecting key assets, such as your home and retirement accounts, using legal strategies like trusts, asset transfers, and exemptions. This allows you to retain more of your estate while meeting Medicaid’s financial requirements.
The Importance of the Five-Year Look-Back Period
A critical element of Medicaid planning is the five-year look-back period. Medicaid reviews all financial transactions made within five years of your application. If you’ve transferred assets during this time, penalties may delay your eligibility for benefits.
Starting your planning early is vital. Our attorneys can help structure your asset transfers and financial activities to minimize penalties and preserve eligibility, ensuring your assets remain protected.
Protecting a Spouse’s Income and Assets
If you’re married, your spouse’s income and assets can significantly influence your Medicaid eligibility. Florida law offers protections for the non-applicant spouse, known as the “community spouse.” These regulations can be complex and require careful planning.
At Kitroser Lewis & Mighdoll, we help married couples navigate these rules, ensuring both partners can maintain financial security during this challenging time. Through spousal allowances and income diversion strategies, we safeguard your spouse’s comfort without jeopardizing Medicaid eligibility.
How We Help You Preserve Your Assets
Medicaid planning involves more than just meeting eligibility requirements; it’s about preserving your legacy and ensuring your loved ones are taken care of. Our firm uses various legal tools to help you balance qualifying for Medicaid while retaining control over your assets, including:
- Medicaid Asset Protection Trusts: These irrevocable trusts allow you to transfer assets while still benefiting from them indirectly, effectively removing them from Medicaid’s asset calculations.
- Spousal Protections: We implement strategies to protect the assets and income of the healthy spouse through resource allowances and other planning techniques.
- Exemptions: Certain assets, like your primary residence and prepaid burial arrangements, may be exempt from Medicaid calculations. We help you maximize these exemptions.
- Annuities: For married couples, specific annuities can convert countable assets into non-countable income, helping meet Medicaid requirements without significant loss to your estate.
By employing these strategies tailored to your unique situation, we help secure your family’s financial future.
Start Your Medicaid Planning Today
At Kitroser Lewis & Mighdoll, we understand that every family’s circumstances are different. We are dedicated to providing personalized Medicaid planning services that meet your specific needs. Whether you are just starting to consider long-term care options or facing an immediate need for Medicaid benefits, our attorneys can assist you in securing the necessary care while protecting your financial future.
Don’t wait until it’s too late to start planning. The sooner you act, the more options you’ll have to preserve your assets and ensure Medicaid eligibility. Contact us today at 561-721-0600 or reach out online to schedule a consultation. Let us help you navigate the Medicaid planning process in Martin and Palm Beach Gardens.