The Importance Of Medicaid Planning
The cost of nursing home care in Missouri is a significant expense many simply cannot afford. Medicaid provides needed assistance to pay for this care. However, only those whose income and assets fall below a certain level will qualify for Medicaid.
Medicaid planning is a means of protecting wealth and assets while maintaining eligibility for the assistance the program offers. At Lisha A. Seery, LLC, we can help you understand a broad range of elder law issues, including planning for your long-term health needs and Medicaid enrollment. With more than 20 years of experience, attorney Lisha Prater Seery is prepared to guide you through these complex legal matters.
What Is A Five-Year Look-Back Period?
Medicaid planning can allow you to transfer assets to beneficiaries, prepay for funeral expenses and set aside money to ensure you maintain a comfortable quality of life.
There is a five-year look-back period in which your financial transactions will be scrutinized. Any assets you have given away or spent down during this period could result in losing eligibility for Medicaid. This is why it is important to consult with an experienced Medicaid planning lawyer before making any significant transfer of assets.
Understanding Medicaid Compliant Annuities And Medicaid Qualifications
A Medicaid compliant annuity is one legal tool for protecting assets from the expense of long-term care. By establishing a Medicaid compliant annuity, you are turning “countable” assets — assets that could cause you to lose Medicaid eligibility — into an income stream that you can use while obtaining other assistance.
We can help you explore all of the options available to you, including Medicaid compliant annuities and other estate planning tools such as health care power of attorney documents.
Contact Us About Your Long-Term Care Planning Needs
We are here to handle all of your elder law and estate planning needs. Call our office in Springfield at 417-886-8800 or email our firm today to schedule your consultation with a knowledgeable lawyer.