Elder Law Articles, Uncategorized

The Myth: All Medicaid Planning is the Same

The Myth:  All Medicaid Planning is the Same

Pre-Planning vs. Crisis Planning

Medicaid benefits can be an important part of a long term care plan. Attorney-CPA Anthony B. Ferraro can assist you with all aspects of Medicaid, from determining whether you qualify, to applying, to protecting income and assets for spouses, or single persons, to protecting the family home. He will work hard to help you get the benefits you need for a comfortable future and peace of mind. I. Medicaid Pre-Planning: Medicaid pre-planning is the process of creating estate planning documents, such as Wills, Trusts, and Powers of Attorney, in a way that allows your assets to be protected and used for you, not just at the time of your death, but in the event that you do not die and require a long term nursing home stay. Pre-planning enables you to be proactive to take advantage of asset protection strategies that will ultimately provide you with comfort and peace of mind. Through asset protection strategies, such as asset conversion or spend down, we can help you plan to qualify for Medicaid. We sometimes incorporate trusts, such as special needs trusts or other trusts, as part of our strategies. II. Medicaid Crisis Planning: Medicaid Crisis Planning occurs when someone is already in a nursing home or is about to enter a nursing home. Since the average cost of a nursing home in the State of Illinois may be in the range of $6,500 per month, Medicaid crisis planning requires a certain level of knowledge in order to represent and advocate the position that our client is eligible for Medicaid.  The first step in the Medicaid asset protection planning process is determining whether you qualify. The guidelines to receive benefits require a certain low level of assets and income. If your assets and income currently put you outside of the guidelines, we can assist you in developing a strategy to protect your assets and income in a way that allows you to receive the benefits you need. Only after all crisis planning opportunities are exhausted do we apply for Medicaid qualification for the applicant. To find out how we can help you with Medicaid Asset Protection Planning, contact us at 847.563.4887. We are available to help clients throughout the Chicago metropolitan area, including Rosemont, Schaumburg, and Cook County, Illinois. Contact our office today for a consultation and you will receive a reservation for a complimentary 10 minute phone consultation with Mr. Ferraro. If you call, Mr. Ferraro, an Attorney-CPA, our office will be happy to discuss your issues, and help you determine whether or not you need to hire a lawyer to assist you.