Legacy Planning Law Group knows that the best way to help our clients is to understand their long-term care planning needs and help them build that plan. If you’re interested in learning more about Medicaid planning, please book your free 15-minute phone call with us today!
Long-term care is expensive, and these costs only continue to increase as baby boomers age. The average life span of adults is increasing, translating into more years of care at increasingly higher rates. Without financial assistance, these long-term care costs could be financially devastating for a Florida senior. The cost of care could quickly deplete your entire life savings within a few years of needing long-term care. This is where Florida Medicaid can help.
Although Medicaid requirements vary from state to state, they all share one common element: complexity. Florida Medicaid specifies an allowed income for individuals and couples to qualify for Medicaid.
Also, the applicant’s total assets cannot exceed a specified amount called the Individual Resource Allowance, which in Florida is only $2,000. Although particular possessions, like your home and automobile, are “exempted” for purposes of determining Medicaid eligibility, this figure is still alarming. If the applicant is married, the process becomes more complicated. The applicant’s spouse can keep the couple’s assets up to the Community Spouse Resource Allowance amount for the recipient to qualify for Medicaid in Jacksonville and other Florida cities.*
What can you do if the value of your “non-exempt” assets exceeds the Community Spouse Resource Allowance? If you give your extra assets away, which seems like an obvious choice, you will encounter more significant problems. Violating this “Transfer Penalty Rule” could disqualify you from receiving Medicaid for months or years, depending on how much you gave away.
If your need for nursing home care is immediate, time is not something you can afford to lose. Why? Because you will have to pay with your assets until you qualify for Medicaid. Our experienced Jacksonville elder law attorneys can help you or a loved one understand and qualify for Florida Medicaid while protecting your assets.
* The Community Spouse Resource Allowance amount is adjusted every year. The current amount in effect at any given time may vary depending on when the most recent figures are released.
Navigating Medicaid on your own could be a nightmare at best and subject you to penalties at worst. Fortunately, though, our experienced Medicaid planning attorneys can guide you through the Medicaid maze. Our Jacksonville lawyers can advise you throughout the application process, ensuring that you retain the maximum income and total assets allowed by law. Meet with our Medicaid planning attorney to get started!
Legacy Law Planning Group is here to help you and your loved ones understand estate planning, elder law, post-death administration, and business planning in Duval County, Florida. If you’re interested in learning more about our legal services from our experienced Jacksonville, Florida elder law planning attorneys, please don’t hesitate to contact us by booking a call today.
If you are committed to solving your planning needs and want to work with our skilled and experienced team, the first step to get started is booking your 15 minute phone call.
During the call, we will find out what your planning needs are so we can see if we can help you. We will also figure out if we would be a good fit for each other.
At the end of the call, we will set up a time to meet with the team and create a plan that will protect your family and preserve your legacy.