Medicaid planning can start slowly and build over time with clear objectives in place or it can occur out of the blue as the result of an unexpected and serious health condition. Either way, Phillips & Finley can help guide you and your loved ones toward a successful application for long term Medicaid benefits.
Unlike discussions regarding generalized estate planning, Medicaid planning has yet to catch on as a popular discussion among our aging populations. This means that most people are unaware of what benefits may be available for you or your loved ones through the Florida Medicaid Program to help cover the costs of long term care. Phillips & Finley can help you plan for Medicaid by having thorough discussions about your wishes in the event you need long term care. There are many concerns to address and planning options to consider. Generally, the earlier you begin planning, the more options you have available. Contact Phillips & Finley today to see what early pre-planning strategies may be available for you or your loved one.
The majority of Medicaid planning is crisis planning. Crisis planning occurs when you or your loved one has an unexpected medical event that results in a hospital stay, a subsequent release to a rehabilitation facility and a final determination that you or your loved one needs twenty-four hour skilled nursing care. It is this scenario that most often results in panicked phone calls to our office with a plea to help preserve assets in the face of extensive looming nursing home costs. In this situation we often meet with the Medicaid applicant or their agent under a durable power of attorney to discuss options for obtaining Medicaid eligibility.
Some of the strategies utilized are as follows:
- Establishing a Medicaid Qualified Irrevocable Income Only Trust
- Drafting a Personal Services Contract
- Establishing a Pooled Trust
- Drafting Promissory Notes
- Purchasing income producing property
- Engaging in permissible asset transfers
- Gift giving with penalty planning (1/2 a loaf)
- Caretaker Agreements for Homestead Properties
- Home Improvements or purchase of certain medical devices
- Purchase of Pre-Paid Funeral and Burial Agreements
Though the standards are the same for each individual seeking eligibility under Florida Medicaid, almost every application is unique in implementing strategies to obtain those eligibility standards. Contact Kobi A. Finley with Phillips & Finley LLC to discuss what options may be available for you or your loved one.
Phillips & Finley LLC, is a Caring, Knowledgeable and Affordable Elder Law Firm
Attorney Kobi A. Finley at Phillips & Finley LLC can handle both pre-planning and crisis planning scenarios. She provides quality legal service and sound practical advice. Call for an appointment today to discuss your options for planning for long term care 386-734-5959.