Elder Law: Medicaid Planning Helps Maximize Resources
The estate planning attorneys at Spragins, Barnett & Cobb provide compassionate estate planning assistance to clients in and around Jackson. We customize strategies and solutions depending on our clients’ estate planning needs, no matter the complexity of each individual scenario. When our clients are facing medical needs that may require long-term care for an individual or spouse, our elder law attorneys offer Medicaid planning legal services to maximize eligibility for Medicaid benefits.
Planning For Medicaid In Tennessee
One of the biggest considerations while estate planning for the elderly is how to manage financial resources to provide for health care and nursing home expenses. Applying for and receiving Medicaid assistance can greatly minimize cost concerns. Qualifying for Medicaid will help cover medical expenses for home health care, memory care and assisted living expenses. Applying for Medicaid is a complicated process. In addition, applicants must meet the income and asset guidelines.
What Is A Medicaid Planner?
A Medicaid planner helps clients structure and organize their financial resources so as to have the best chance of qualifying for the Medicaid program. Medicaid planners also help to prepare the proper documentation. A Medicaid planner can also help manage and arrange financial resources to make sure that the nonapplicant spouse has enough income to fund household expenses while their husband or wife receives Medicaid assistance for a residential facility.
Planning For Medicaid: Structuring Your Estate And Managing Assets
There are a number of ways a Medicaid planner can restructure financial assets to help preserve a family’s financial resources and also give applicants the best chance for Medicaid eligibility. These include:
- Creating trusts
- Transferring assets
- Converting countable assets into exempt assets
At Spragins, Barnett & Cobb, our estate planning services include Medicaid planning if needed. The elder law lawyers on our team have the experience needed to create trusts and convert assets in a way that maximizes an applicant’s eligibility for Medicaid.
Considering Medicaid Assistance? Let Us Help.
If you or someone you love is facing the possibility of long-term residential care, let the elder law attorneys at Spragins, Barnett & Cobb craft an estate plan that maximizes your eligibility for Medicaid assistance. Partner, Sara Barnett, is the managing attorney for the Elder law section. Call us today at 731-300-1592 or email us to schedule a consultation.