Medicaid Pre-Planning & Crisis Planning

Pre-Planning is done when a client does not need immediate long-term care services. It is also for the client that does not anticipate needing long-term care anytime soon. Pre-Planning is for clients that do not want to deplete their assets on long-term care in the future. Pre-Planning preserves assets for spouses and future generations. One legal pre-planning strategy is the creation of an Irrevocable Trust. Once created, clients transfer all non-qualified assets into the Irrevocable Trust. This starts the clock ticking on the 5-year lookback period. All assets transferred into the trust are protected after the five years, allowing the client to begin the qualification for Medicaid without going broke.

Crisis Planning is when a client is in need of immediate long-term care services and are faced with paying for the care out of pocket. Assets must be spent down to qualify for Medicaid benefits. Crisis Planning looks at how to convert assets from countable (assets that must be spent to qualify for Medicaid) to non-countable assets. Even with crisis planning there are a number of strategies that can be implemented to allow for the preservation of assets even though nursing home care is necessary. The key is transferring assets the right way versus the wrong way. An elder law attorney can advise you on your options to protect your assets while assisting you with Medicaid qualification. Know that it is never too late to preserve your assets.

Your Tarrant and Denton County Elder and Estate Planning Law Firm

McGee Law Firm provides medicaid planning and medicaid crisis planning. We also provide trusts, wills, probate, advance directives and medical and financial power of attorney. Call (817) 899-3286 for a free personal consultation.

Provided By: McGee Law Firm

Phone Number: (817) 899-3286