The purpose of Medicaid planning is to preserve a lifetime of savings from the high cost of nursing home care.
Proactive Medicaid Planning In Kentucky and Tennessee
People are living longer, so we’re all more likely to need skilled medical care at some point. The average stay in a nursing home facility is three years. Many families simply don’t have the financial resources to manage it. You may believe the government will pay for the costs, but the qualification process is complex, and the rules about income and assets are rigid.
Strategic Medicaid asset protection planning starts early, at least five years before the need for benefits, to accommodate the Kentucky or Tennessee lookback period. We need to restructure assets and legally transfer ownership to avoid Medicaid penalties during the eligibility process. Between Medicaid and other possible resources, you’ll have more options for well-staffed, high-quality facilities. Understanding complex Medicaid rules also allows you to preserve assets for yourself, a spouse, children, and grandchildren.
Medicaid Crisis Planning in Kentucky and Tennessee
Planning ahead will allow more options, but it’s not always possible. Even at the last minute, there are ways to get through the Medicaid application process quickly and preserve some assets until eligibility for benefits can be met. If you or a loved one have an immediate need to transfer to a nursing home facility, you’ll have the support of an experienced elder law attorney to help your family make critical decisions in a crisis. It’s never too late.
With 26 years of experience in elder law, probate, guardianship, and wills and trusts, Elder Law Advocates, PLLC focuses on protecting the elderly and their assets against the devastating costs of long-term care. We also specialize in helping seniors and veterans obtain government benefits. Elder law issues are complex, and we empower our clients to make educated decisions.