Medicaid Planning – Why it is Important to Plan Ahead

 

What about Medicaid and Medicare? Well, Medicare only covers one hundred days of skilled nursing care. After that, you’re on your own or you have to apply and roll over to Medicaid. In order to do that, you can only have a small, limited number of assets in your possession. How do you avoid having to spend down all your assets?

You plan ahead. I can help if you or a family member gets into a situation where they have to go to Medicaid now and work to save as many assets as possible. However, the only way to keep every asset is to plan ahead by at least five years.

That’s because Medicaid currently has a five year look-back period, as opposed to the three years they practiced in the past. That means they can go back and look at any transfers that have been made in the previous five years and determine if any of those transactions have been made for the purposes of avoiding the Medicaid spend-out or preventing that asset from being countable. At which point, that asset transfer could be voided, you could be denied long-term care, or deemed ineligible for Medicaid entirely.

Give me a call when you’re interested in planning for the future.

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Greg McIntyre, JD, MBA

Meet Greg McIntyre

Greg McIntyre, founder of McIntyre Elder Law, is more than just an attorney. As a Navy Veteran, father to six kids, and a loving husband, he values family deeply. This drives his commitment to helping clients safeguard their futures and pass down legacies.

Greg has a passion to help people. Beyond just legal advice, he loves having conversations and strives to build a long-term relationship with every clients that comes through his door.

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Act now to secure your legacy and protect your loved ones.

At McIntyre Elder Law, we’re dedicated to assisting North Carolina families, seniors, and their loved ones as they plan for the future.

Whether you need to prepare for future long-term care, access Medicaid or nursing home benefits, or need help settling a loved one’s estate, we’re here to support you.

Contact us for a complimentary consultation to take the first steps towards safeguarding your lifestyle, your legacy, and your family’s wellbeing.

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