Medicaid Planning Attorneys in Framingham
Paying for Your Life-care Shouldn’t Cost You Your Lifesavings
In the United States, many elders rely on nursing homes or other assisted living facilities when they age and experience the hardships and difficulties owning a home and living and caring for themselves present. Though a great number of retirees rely on this long-term care, very few of them can afford it unassisted. Through Medicaid planning, our attorneys can help you afford the care you need without giving up your wealth that you hoped to leave to your family and loved ones.
Contact our attorneys at (508) 252-8186 to start preparing for Medicaid.
MassHealth: Massachusetts Medicaid
Massachusetts has its own version of Medicaid for residents of the commonwealth. The premise is still the same, as is our ability to help you qualify for it.
MassHealth, like Medicaid, has prerequisites for those who apply. To be eligible, you need to exhibit a degree of financial need. This can be difficult while maintaining assets intended to be passed on to your heirs to secure your legacy and provide for your family.
How to Protect Assets from Medicaid Recovery
Many people have concerns about Medicaid seizing their assets, particularly their homes. However, there are many asset protection strategies we can employ to help you preserve your property.
Some common ways to protect assets from Medicaid recovery include:
- Setting up trusts to hold your assets
- Transferring ownership of assets
- Converting countable assets to exempt assets
- Managing finances so a healthy spouse can still afford to live at home independently
Our lawyers make it possible to achieve the best of both worlds by protecting the care available to you and your belongings.
The Medicaid Look-Back Period
As a means to prevent Medicaid applicants from giving away resources to qualify, the "Medicaid look-back period" was established by the federal government. This allows the agency to review an applicant's financial transactions going back five years when determining Medicaid eligibility. Applicants are penalized for any assets gifted, transferred, or sold for less than fair market value.
Exceptions exist with assessing these penalties. However, these exceptions can be difficult to understand, and many applicants do not know they qualify for such useful exemptions.
Some examples of penalty exceptions for the look-back period include:
- Community Spouse Resource Allowance (CSRA) - Spouses not applying for Medicaid can retain up to $128,640 of the joint assets
- Children with Special Needs - Applicants can transfer assets to disabled and special needs children younger than 21
- Siblings - Applicants can transfer their home to their sibling if that sibling has equity in the home and has resided in the home for at least one year
- Child Caregiver Exemption - Parents of adult children who live at home can transfer their home to the child, assuming other requirements are met
- Debt - The payment of debts during the look-back period is not penalized
When Should I Consider Medicaid Planning?
It’s prudent to start considering how you’ll afford long-term care before you require it. Medicaid considers transfers of assets within five years of applying when evaluating your eligibility. This wide window impairs your ability to quickly get financial assistance if you suddenly become injured and can no longer live independently. Cali Law Medicaid planning attorneys will help you get started today to ensure you receive the care you need without liquidating your assets.
Contact our Medicaid planning attorneys for help qualifying for MassHealth: (508) 252-8186.