Most people come to the offices of a Medicaid planning attorney in crisis mode, because a loved one will soon need to enter or has already entered a nursing home. While some planning can be done at that point in time, it’s far better to complete Medicaid planning in advance so that you have tools at your disposal and know how the application process will unfold.
The term Medicaid planning refers to a range of different services provided by an experienced elder law attorney who can walk you through qualifying for Medicaid and the strategies you can use in advance to protect your own assets. It’s a common misconception that planning for Medicaid is unethical or illegal; many legitimate Medicaid planning opportunities are available, and it’s never too early to start discussing these with your attorney.
Since Medicaid planning might involve a total overhaul of your current financial picture, anyone in their 50s should at least consider what tools they have in place to assist with long-term care. Tactics put into action now make it easier to know what to do if and when a Medicaid application must be filed.
Making mistakes with your finances in the years leading up to Medicaid qualification could hurt you. That said, many people don’t realize these mistakes until it’s too late. When you have a Medicaid planning attorney at your side, you can avoid errors and omissions that could compromise your timely qualification for Medicaid.
Think about how Medicaid planning could fit into your estate planning picture by sitting down with an attorney today.