Please note that to be able to qualify for governmental assistance (Medicaid), an individual must not exceed certain parameters as to ASSETS and MONTHLY INCOME. In elder law planning, we analyze/review assets and income sources and prepare a legal opinion advising the individual if their estate qualifies him/her for Medicaid.
Asset Planning
We review those assets which the law determines are “exempt” and which are “countable” assets. This starting point allows us to review which assets can be legally converted to non-countable (if any). Thus, the firm can recommend which assets can be converted and which cannot.
Income Planning
In addition, we recommend what steps can be taken in “income cap” states such as Florida when the monthly income exceeds the limits set forth by the government. Typically, the firm can help establish a special type of trust to divert the excess income. This technique is well-established and accepted by the government authorities.
Long-Term Care
If elder law planning occurs early enough (anytime after age 50-55), we also have the option of recommending planning which incorporates the purchase of long-term care insurance. Though these policies are sometimes called nursing home insurance, this title can be misleading. Most of these policies now have a “home- care” rider or provision which pays for care at home.