Medicaid Planning Attorneys
As you grow older, you need assurances that your needs will be taken care of. For many seniors, long-term care planning involves seeking nursing home care. However, the cost of nursing homes can prevent many seniors from accessing this care, even when they desperately need it. For some individuals, long-term care insurance can help cover the cost of nursing home assistance. For others, Medicaid might be the better solution. The Medicaid planning attorneys at Rice & Rice can help you review your options and choose the best solution for your needs.
Medicaid can subsidize the cost of nursing home care. However, to receive this benefit, you must first use your own assets and deplete your estate. For many seniors, this is not a choice they wish to make. Fortunately, with the right planning, you can preserve your Medicaid eligibility and your family’s wealth at the same time.
What is Medicaid?
Medicaid is a federal program that each state runs independently. Families often rely on Medicaid when they do not have insurance or when they need to pay for nursing home care. Indiana has its own Medicaid laws and limits. As such, it is important to have an attorney on your side with a solid understanding of Indiana Medicaid law.
Medicaid is only available to lower-income individuals. This means that you must typically first deplete your assets before you can qualify for Medicaid coverage. For many families, this is not a valid option.
Fortunately, there are numerous estate planning strategies that can help you qualify for Medicaid assistance without losing your money, estate, and assets along the way. Without a Medicaid planning lawyer, you might not be able to qualify for Medicaid and receive the assistance you need when paying for nursing home expenses.
How Does Medicaid Planning Work?
When you meet with a Medicaid planning attorney at our firm, we will review your assets, your estate, and your future goals. We can then develop a plan to potentially restructure the ownership of your assets to establish eligibility for Medicaid coverage. The planning options available are different for every family. Some of those options include the Miller Trust or a Medicaid Asset Protection Trust.
Our attorneys will evaluate your specific situation to determine if your health care needs and finances would benefit from various planning options. We know how to take advantage of the applicable state and federal laws to better serve our clients. Our attorneys will craft an individualized and personal estate plan to help you protect what you value most.
Contact Our Indiana Medicaid Planning Attorneys
If you have questions about Medicaid planning or need medicaid planning assistance, it’s important to speak to one of our Medicaid and estate planning attorneys immediately. At Rice & Rice, we know what it takes to establish effective long-term planning for our clients. If you are in Indiana, Illinois or Michigan, schedule an appointment by calling (219) 255-5285. We can help you and your loved ones plan for the future and get through whatever comes. Our attorneys are here to help. Call today.