Medicaid asset protection techniques
There are multiple planning options available to achieve Medicaid eligibility without having to give up your life savings. Every, Stack & Upchurch frequently assists our clients in obtaining Medicaid benefits.
Contact the law firm of Every, Stack & Upchurch to speak with an attorney to protect your assets while qualifying for Medicaid benefits. Our attorneys are available to meet clients in their home, hospital, or nursing home.
Florida Medicaid planning services
The amount that these options can save will also vary based on your situation. We urge you to make an appointment to speak to an attorney about your Medicaid planning needs.
Every, Stack & Upchurch is familiar with the Florida Medicaid requirements and offers solutions to protect your property through:
A person in a long-term care facility, nursing home, or other institution may choose to hire a family member or care-giver to perform tasks on an “as needed” basis. This allows the applicant to compensate their loved ones for the hard work they take on on their behalf.
An annuity is one of the most viable options for a couple whose community assets exceed the $109,560 limit. You and your spouse make a series of payments to an insurer and then receive a monthly stipend.
You must make sure your annuity is irrevocable, meets actuary standards, and lists the State of Florida as the first beneficiary. Discuss your case needs with Every, Stack & Upchurch to make sure your annuity meets the Florida Medicaid guidelines.
Irrevocable trusts are commonly set up as a method of pre-planning for Medicaid requirements. There are good points about irrevocable trusts, such as the fact that the settler has income from the trust. There are disadvantages too, such as the settler must give up his or her rights to access the principal.
You must be extremely careful when making gifts. Florida considers a gift an “uncompensated transfer” and these affect your Medicaid eligibility. If you make an uncompensated transfer, the state holds you responsible for your long-term care costs for a period of time based on the uncompensated transfer.
Exempt assets from Florida Medicaid
Every, Stack & Upchurch makes sure our clients know what assets Florida does not consider when calculating an applicants resources:
The Florida Medicaid program has many requirements for applicants to meet and there are ways to protect your assets. Every, Stack & Upchurch show you how to use these plans and exemptions to your advantage.