Serving Medicaid Planning Clients in Bella Vista, Bentonville, Rogers, Springdale, Fayetteville and all Northwest Arkansas
We help you put together Medicaid plans so you can protect you family and assets to get peace of mind without stress.
The need for Medicaid planning often arises quickly and leaves you little time to react, much less act.
At a minimum, Medicaid planning can be thought of helping prepare for and preparing the Medicaid application. It can be as simple as gathering documents and preparing the application or as complex as completely restructuring assets.
Why do Medicaid Planning?
- Preserve as many assets as possible for their family
- Get the care that a loved one may not otherwise be able to afford
- Avoid the complexity of the application. The application can be denied for the simplest of errors.
- The application and preparing the documents is time consuming
- Ensure a healthy spouse at home (the community spouse) has the assets they need to continue living
- Preserve a family’s assets for the next generation
Medicaid Planning Mistakes
- Giving your property away. If you need Medicaid within 5 years, then a gift may incur a penalty period. There are limited circumstances under which a gift is allowed. You should consult with an experienced Medicaid planning attorney to find out more.
- Spending money too early. If you “spend down” too early, it can cost you a lot of money. There is a date after which spending money counts and before which spending money doesn’t. Defer buying exempt assets after entering the long term care facility. You should consult with an experienced Medicaid lawyer as to the dates and how much you should spend.
- Spending resources that Medicaid would allow you to keep
- Spending too much. Continuing to spend after qualifying is simple a waste of assets.
- Not consulting with a Medicaid planning professional. The application process just continues to get more and more complex.
- Thinking a revocable living trust protects assets from Medicaid