Medicaid Planning – Don’t Wait Until the Last Second
People often put off Medicaid planning for as long as they can. They wait until their parent or loved one has no assets left and is in immediate need of government assistance. But there’s a better way: getting a head start leaves you and your family with more options — and often, with more assets.
People with older parents are typically aware that there is an asset limit for Medicaid eligibility. That’s why they wait until all of their parents’ funds are spent to start the application process. They often sell off everything that their parent owns and use that money to pay for care at a nursing home or assisted living facility. The truth is, there are many exemptions that allow you to keep some of the assets in the family while allowing your parent to participate in Florida’s Long-term Care program. These exemptions work like tax deductions and are designed to make things easier for you.
Exemptions that may be claimed include:
- Personal belongings
- Household goods
- Income producing property
- Funeral funds
The exemptions available depend on whether the applicant’s spouse is still alive, especially if that spouse is receiving an income. The main thing your parent can’t do is to start giving away all of his or her assets. That will make the Medicaid application process much more difficult.
The keys to Medicaid planning are to start early and to work with an experienced elder law attorney. There is a lot of misinformation floating around, so it is important to seek the advice of a trustworthy professional. A Florida Medicaid attorney can help you understand your options and work with you to create an optimal plan for preserving assets and making sure your loved ones get the care they need.
For help understanding Medicaid eligibility and exemptions, contact a dedicated Florida Medicaid attorney at the Charles Law Offices today.