Estate Planning in Florida and Its Role in Medicaid Application

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Estate planning plays a crucial role in the Medicaid qualification process because it helps to meet Medicaid's asset limit for eligibility purposes while protecting the assets. It can be used later by families and loved ones for future inheritance. One thing is for sure: Medicaid is all about the people with limited resources or who are financially unprivileged, so people with more assets can't avail of this healthcare program. However, it is possible with the help of an experienced estate planning attorney in Florida.

Why is Estate Planning Needed for Medicaid Planning?

To be eligible for long-term care, people who apply to obtain Medicaid benefits should meet the income limits and assets under a specified amount that Medicaid can modify twice a year. When the estate planning is planned well in advance of the need for long-term care, Medicaid long-term care, applicants and their families can protect different types of assets they own to meet eligibility criteria in the future.

Medicaid Asset Limit:

Medicaid considers an applicant’s full financial picture with countable and exempt assets. comes with certain asset limits. If the applicant has a higher amount of assets than the current asset limit, then they fail to qualify for Medicaid benefits.

Asset Spend Down:

When the applicant has excess assets, many applicants will spend down the assets to meet Medicaid's required asset limit. This adjustment can be done by paying for the long-term care of the pocket, paying off medical debt, and making accessibility to one's home. Sometimes, the estate planning attorney in Florida also suggests going on vacation to spend down the assets.

Spending down assets allows an applicant with excess assets to meet Medicaid's asset limit, and it doesn't protect assets for the family and loved ones as inheritance. Assets can't simply be gifted to the family or sold according to the market value during the asset spend down. It happens because Medicaid comes with a look-back period. When Medicaid estate planning in advance is done, the future applicant can turn the countable assets into exempt assets while preserving them for the heirs.

Look-Back Period:

During the look-back period, an applicant's previous five years of bank statements can be reviewed to determine if any gifting or transfers have occurred. Violating Medicaid’s rule may attract penalties or disqualification from benefits. In such cases, an estate planning attorney in Florida cautions the beneficiary not to violate the rule and helps them with expert tips on how to preserve assets within Medicaid-regulation-approved strategies.

In Conclusion:

Estate planning attorneys in Florida play a crucial role for Medicaid applicants to meet eligibility requirements while saving assets for the family and future generations. To achieve eligibility and approval, estate planning attorneys employ different types of strategies and formulas that safeguard assets for their clients within the Medicaid requirements.

Platinum Benefits Services is an expert Medicaid application agency that helps individuals obtain Medicaid benefits. Platinum Benefit has years of experience in Florida’s long-term care Medicaid program and can work alongside estate planning attorneys to secure their client’s future and obtain Medicaid benefits. this field assists Medicaid applicants in securing their future with this healthcare program.