Having the guidance of a trusted Medicaid planning lawyer when structuring your assets to preserve them in the future is extremely important. Without a trusted advisor, there are many mistakes you could make that could affect your ability to qualify for Medicaid benefits if you need them in the future. Not being able to qualify for Medicaid benefits could put you in a position where you do not have the resources available to pay for the medical care you need, particularly if you experience a medical crisis and need long-term care.
Common mistakes that occur when Medicaid planning is not done with a lawyer
When individuals, couples, and families attempt to plan for preservation of assets and future Medicaid eligibility on their own, they often make crucial mistakes that could have been avoided if they were working with an experienced Medicaid planning attorney. Proper Medicaid planning is a complex process, and without the proper guidance of a lawyer these common mistakes could occur:
Failure to plan for Medicaid – the biggest mistake an individual can make is assuming they won’t ever need to qualify for Medicaid benefits just because they have never needed Medicaid coverage in their past. Unfortunately, when individuals fail to properly plan for future Medicaid eligibility needs, they often find themselves having to rush to create a Medicaid plan once a medical crisis occurs.
Waiting for a crisis to occur before planning for Medicaid – failure to properly proactively plan for Medicaid eligibility ultimately leads to this mistake. When an individual, couple, or family waits until a medical crisis has already occurred to begin their Medicaid planning, they are often being rushed on time and won’t have access to the same Medicaid planning tools such as gifts and trusts that they would have had access to if they had properly planned in advance. This is because Medicaid has a five-year lookback period in which the transfer of assets in an improper manner could disqualify you for Medicaid eligibility.
Improperly giving away assets – if you transfer assets improperly as part of your Medicaid planning, you will be temporarily disqualified from receiving Medicaid benefits based upon the value of the assets which were transferred.
Not using the proper legal tools for your Medicaid planning – without the guidance of an experienced Medicaid planning lawyer it can be difficult to know which legal tools will properly protect and preserve your assets. For example, using a revocable living trust does not preserve the assets placed within the trust because a revocable living trust is still considered a countable asset for determining Medicaid eligibility.
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 Medicaid planning attorneys at Stockton & Kandt, LLC. have the experience necessary to be your trusted advisors through every season and change of life. Our 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 your 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 work with individuals and families in all surrounding areas.
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