Medicaid Planning Attorneys
Overland Park Medicaid planning lawyers guide you through the complicated process of Medicaid planning
With the costs for quality long term care and nursing homes on the rise, many people find it difficult to protect their assets while also planning for their long-term care in the future. The costs of long-term care are now so high, that the majority of nursing home residents have to rely on Medicaid to help them cover the costs of their long-term care. If you worry that you have too many assets to be able to qualify for Medicaid but aren’t sure how you would pay for long-term care if it is needed, then Medicaid planning could be right for you. If you have questions about Medicaid planning, or want to get started, our skilled Overland Park Medicaid planning attorneys can help. At Stockton & Stern LLC, our attorneys have the knowledge and legal savvy you need for strategic short and long-term Medicaid planning.
What is Medicaid planning?
Medicaid planning is the process in which a licensed attorney advises an individual how to structure their assets in a manner that will allow them to be preserved while still being eligible to receive Medicaid benefits. In order to qualify for Medicaid, there are strict low-income and asset requirements an individual must meet. Certain assets are exempt from Medicaid eligibility such as your primary residence, one automobile, and certain life insurance and burial arrangements. When it comes to Medicaid planning, there are generally two categories in which the planning will fall – proactive Medicaid planning or crisis Medicaid planning.
Proactive Medicaid planning vs. Crisis Medicaid planning
The two categories of Medicaid planning are proactive Medicaid planning and crisis Medicaid planning. As their names suggest, proactive Medicaid planning is done as a “what-if” scenario, whereas crisis Medicaid planning is done as a necessity after a crisis has already occurred.
Proactive Medicaid planning is the process of planning how you should structure your assets in a manner that will preserve them while also allowing you to qualify for Medicaid if benefits are needed in the future. In proactive Medicaid planning, it is common to use estate planning tools such as irrevocable trusts and gifting in order to preserve your assets for your beneficiaries. Proactive Medicaid planning is beneficial to just about everyone because we never know what the future could hold for our long-term care needs. However, when applying for Medicaid benefits, there will be a 5-year look-back period that applies to any assets that were gifted away.
If you fail to proactively plan for the need of Medicaid benefits in the future, you may unfortunately face a situation in which you have experienced a crisis which makes it a necessity for you to immediately receive long-term care. In these instances, crisis Medicaid planning is used to preserve as many assets as possible while also helping you qualify for Medicaid benefits as quickly as possible. Unfortunately, when you have failed to proactively plan for the need for Medicaid benefits and long-term care, you also limit the tools you have available to preserve assets in crisis Medicaid planning. Because of this, crisis Medicaid planning requires a unique approach to each individual situation.
Trusted Kansas Medicaid planning lawyers guide you and your family through the difficult and confusing Medicaid planning, eligibility, and application process
The best time to prepare for unexpected medical costs is before you need them. While you may not believe you need Medicaid coverage today, no one knows what tomorrow holds. The compassionate Overland Park Medicaid planning attorneys at Stockton & Stern, LLC. have the experience necessary to be your trusted advisors through every season and change of life. Our Kansas elder law and Medicaid planning lawyers are well-versed in today’s Medicaid and estate planning laws needed to protect your income, assets, and your family’s financial future. To schedule an appointment to speak with one of our trusted Medicaid planning advisors call us at 913-856-2828 or contact us online today. We have offices conveniently located in Gardner and Overland Park and are available to meet you at your home if needed.