(909) 451-7005Ontario Medicaid Planning Attorneys
Does Your Estate Planning Protect Your Government Benefits?
Does your estate plan include Medicaid planning? Long-term costs are continuing to rise, and many families in California rely on Medicaid planning to ensure that their healthcare benefits are protected and that their life savings aren’t depleted. With the median cost of a semi-private room in a long-term care facility costing around $10,000 per month, your savings could be depleted in no time!
Medicaid planning is a complicated process. Individuals must meet certain income and assets standards, usually requiring their total value to be less than a specific dollar amount. Trying to navigate it without the assistance of a Medicaid planning attorney is the same as gambling with your future care and health.
Our Ontario Medicaid planning lawyers are here to provide guidance, helping ensure your long-term care is guaranteed, and your savings aren’t drained.
Contact us at 909-451-7005 to speak with an Ontario Medicaid attorney who is knowledgeable about meeting your unique needs.
What is Medicaid Planning?
Medicaid planning is the complex process of structuring assets and finances to ensure eligibility for Medi-Cal, California’s Medicaid program. People rely on this valuable benefit to pay for vital healthcare services like nursing home care, assisted living homes, and in-home services.
Medi-Cal requires you to meet certain financial thresholds. To qualify for long-term benefits, you must:
- Live in California
- Have an annual income of less than $20,784 for individuals and $28,224 for married couples
- Own less than $2,000 of countable assets
- Be 65 or older or blind or disabled
There are certain exemptions when total assets, meaning you don’t have to include your primary home, one vehicle, and personal belongings. Even with those exemptions, you can see why you have to plan around Medi-Cal eligibility guidelines. Failing to do so can result in those expenses coming out of your savings account and total estate, meaning passing less wealth on to your loved ones.
What Can You Do to Qualify?
If your assets are worth more than the maximum limit, you will have to employ some tactics in order to qualify. These are not strategies you can implement without proper planning, as community-based services have a 30-month lookback period, and nursing home care has a 5-year lookback period. What does that mean? Well, if you wait until you need these services but haven’t done the necessary forward planning, you may end up paying for services out of pocket. By working with our Ontario Medicaid planning attorneys as soon as possible, you can ensure your eligibility. B.C. Miles Law Group can help you with these strategies and other estate planning needs.
Spend-Down Strategies
You can legally spend excess assets on certain exempt items, such as home modifications and medical expenses. You can also pay off debts to get your countable assets below the Medi-Cal limit.
Establish a Medicaid Asset Protection Trust
By transferring assets to this irrevocable trust at least five years before applying, you can ensure you maintain eligibility while having assets you can leave to your heirs.
Convert Assets into Exempt Property
By using assets and funds for exempt items, such as a home, a single vehicle, and personal belongings, you can better meet the asset eligibility while maintaining equity.
Spousal Impoverishment Strategy
If your spouse needs Medi-Cal and you do not, you can retain a portion of the assets and income. This can ensure your spouse’s eligibility.
Some states allow the use of something known as a Miller Trust. California does not allow this type of Medicaid qualification trust. Waiting too long to start Medicaid planning can leave you paying for costly long-term care from your estate instead of relying on the social benefits you deserve!
What Are Some Commonly Made Mistakes when Medicaid Planning?
Medicaid planning is incredibly complicated. Failing to implement the proper strategies, filing the necessary papers, or properly managing your assets can see you paying for many expenses out of pocket, while you leave money on the table by not having Medicaid pay for expensive long-term care costs.
As we mentioned before, waiting too long to start planning is one of the biggest mistakes you can make. This look-back period doesn’t apply only to trusts, as improperly giving gifts can create penalty periods that will delay your benefits.
If you don’t understand exemptions, you could accidentally claim more assets than you need to or spend down your assets when you don’t have to. Improperly setting up a Medicaid Asset Protection Trust, or incorrectly funding it, could see those protections not working.
What is the biggest mistake you can make? Trying to navigate Medicaid planning without the assistance of a qualified attorney. Someone who understands California Medicaid laws and your specific needs.
When Should You Call B.C. Miles Law Group?
Our law firm has the experience and capacity to help ensure you remain eligible for Medi-Cal while saving as much as possible, so you can care for your loved ones after you are gone. With a preemptive approach, you can feel confident knowing you will qualify for benefits and not suffer any expensive penalty delays. We understand that you want to leave as much to your family as possible, and we are ready to help you do just that.
Making one quick phone call to speak with our Ontario Medicaid planning lawyers at B.C. Miles Law Group is all it takes to get things started.
We offer our clients a free 30-minute consultation. Call 909-451-7005 today!