Greeley Medicaid Planning Lawyer
If you’re trying to qualify for Medicaid but your income is over the qualifying limit, we can help you by setting up a Medicaid Asset Protection Trust. To be eligible for Institutional Medicaid in Colorado, you cannot make more than $2,382 per month, and your countable assets cannot exceed $2,000. When you hire a Medicaid planning attorney, they can help you implement the proper strategies to ensure that you get the care you need without spending everything you’ve worked so hard for throughout your life.
Let our estate planning attorneys in Greeley help you with all of your Medicaid planning needs. Contact us today at (303) 420-2863 or contact us online to set up a free initial interview.
What Is a Medicaid Asset Protection Trust?
A Medicaid Asset Protection Trust is used as a way to legally reduce your countable assets in order to qualify for Medicaid. Once your lawyer establishes the trust for you, your income and assets that push you above the limit can be placed into the trust so you can qualify for Medicaid. This type of trust is irrevocable, meaning once you put your assets into it, you relinquish ownership and control. However, you can still receive income and benefit from the assets in the trust. For example, if you decide to place your home in the trust, you can still live there, but it won’t be counted toward your assets. If you put a business or other income-producing assets in the trust, you are still entitled to receive income from them, even though they’re in the trust and you don’t technically retain control or ownership of them anymore.
Benefits of a Greeley Medicaid Asset Protection Trust
There are substantial benefits to establishing a Medicaid Asset Protection Trust. Instead of “spending down” your income and assets, you can place them in the trust instead. You can appoint a trustee who is required to follow your wishes regarding what happens to the assets in the trust. The main benefit is that you will be able to qualify for Medicaid much sooner, and you won’t have to deplete all of your assets. You can get the care you need while still being able to distribute some of your wealth to your heirs. Keep in mind that the 5- year look back period still applies. You must place your assets into the trust five years before you plan to try to apply for Medicaid or you could end up being penalized. This takes planning. That’s why it’s so important to start thinking and planning before something happens.
Should I Just Get Long-Term Care Insurance Instead?
While you can certainly look into getting long-term care insurance, this may not save you any money at all. Long-term care insurance can be extremely expensive. Additionally, long-term care insurance typically must be purchased well before you need to use it. No matter what, planning is required and should be started as early as possible.
Contact Our Greeley Medicaid Planning Lawyers Today For a Free Consultation
Most people don’t want to think about the prospect that they’ll need a nursing home or possibly long-term care. Unfortunately, this lack of planning often causes people to spend the bulk of their resources, which could have been avoided with some advice and assistance from a qualified lawyer.
Contact a Medicaid planning attorney today to ensure that your assets are protected. The attorneys at Brady, McFarland & Lord, LLC can help you with all of your Medicaid questions and planning needs. Contact us today at (303) 420-2863 or contact us online to set up a free initial interview.