The law firm of Elaine Schwartz is committed to helping those facing the growing medical needs that come later in life. Specializing in Medicaid planning, Attorney Schwartz is knowledgeable about assisting families to make financial decisions and provisions that will qualify them for Medicaid assistance.
The high costs of medical care can be daunting, especially the large expenses that can be incurred when a nursing home is needed. Medicaid is an assistance plan for long term health care coverage financed by the federal government and each state. The state of Florida determines many of the requirements for qualification that a resident must meet. Many Florida residents do not qualify for Medicaid because of the state’s stringent requirements for personal assets and income.
For example, to qualify for Medicaid, one’s maximum monthly income must be less than $2022 and the value of their nonexempt assets can not exceed $2000. There are some exempt assets which include your home, but only if the value is under $500,000 when mortgage or other debts tied to the house are subtracted. A vehicle for transportation is also an exempted asset.
With this in mind, gifts or transfers of one’s assets can be made. However, there is a 36 month look-back period, and any gifts during that time might still be counted as an asset. With all of the requirements and exemptions, it is wise to retain the assistance of an attorney who specialized in Medicaid Planning, like Elaine Schwartz.
Attorney Schwartz can assist you with a plan of action to help you qualify for Medicaid assistance. For example, they can help you form an income trust that qualifies with the state, like a Miller Trust. This is an irrevocable trust in which your income is deposited every month and managed by the firm. Or they can help you to set up a service trust. This kind of trust puts your assets in the hands of someone you trust, like a friend or a family member, who will then provide services that the nursing home cannot provide.
The law firm of Elaine Schwartz would like to help you prepare for the future. They are ready to get you started on choosing the best plan for qualifying for Medicaid assistance.