Campbell & Smith Law, LLC
Serving North-Central Kentucky

Understanding Medicaid Planning

One of the biggest expenses associated with aging is the cost of nursing home care. A lifetime of hard work and careful saving can be wiped out after just a few years spent in a nursing home.

Most individuals in this situation eventually qualify for Medicaid coverage to pay for their nursing home care, but not until after they have exhausted their assets (often creating a huge burden for their spouse and children).

Is there a better way? Can you get help from Medicaid and still be able to pass some assets on to your loved ones. Thankfully, you can, through Medicaid planning.

What Is Medicaid Planning?

Simply put, Medicaid planning allows individuals to strategically pass along assets to beneficiaries before nursing home care is needed or while in the nursing home. This preserves some assets and often allows people to take appropriate advantage of Medicaid sooner than they otherwise could.

Is It Ethical? Are There Consequences?

Some argue that it is wrong to rely on taxpayer-funded health care until or unless you truly need it. To be sure, there are certain people who try to "game the system." But this is the exception rather than the rule.

Most Americans who engage in Medicaid planning have only modest assets and want to have something to pass along to their spouses and children. Often, they want to at least keep a house or piece of real estate in the family. Preserving some of these assets can leave families on more solid financial footing.

It is important to note that Medicaid planning does have consequences in the form of time-delay penalties (before you become eligible for Medicaid). But these can be addressed and mitigated on a case-by-case basis with the assistance of an experienced lawyer.

How Our Firm Can Help

At Campbell & Smith Law, LLC, we offer Medicaid planning strategies as part of a comprehensive approach to asset protection and late-life financial planning. We will take the time to understand your financial situation, your most important assets and which assets you'd like to pass along, and we'll help you craft a strategy that best meets your family's needs and goals.

Contact Us To Learn More

With an office in Williamstown, Campbell & Smith Law, LLC, serves clients throughout most of Kentucky. To discuss your financial planning needs with an elder law attorney, call us at 859-813-2026, or send us an email.

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