7 Step Medicaid Planning Process

How can your Assets be Protected? While each case is unique, our services cover a wide variety of legal services and advice related to long term care. When a loved one enters a long term care facility, there are often numerous documents you will be asked to sign, reports to be filled out, and numerous other questions that are baffling to many. In addition, the bulk of what we do is assisting in making certain that we protect all of the assets that we can with minimal or no adverse tax consequences.

The End Result? In addition to preserving much of your estate, we also assist in preserving your sanity. Typically we can preserve somewhere between 40% to 100% of the assets and assist in obtaining Medicaid much faster. Just as important, when a loved one enters into a nursing facility there are always voluminous documents to be executed by you as the representative agent for your loved one. Placing a loved one in a facility is emotionally exhausting for most. We are there to advise and assist throughout the entire process.

1. Assistance in Identifying Your Goals. The first step is identifying your goals and objectives. Most people want to preserve assets, minimize taxes, and make certain that they do things properly.

2. Asset Review. After reviewing your goals, you will be asked to fill out a Client Questionnaire. This Questionnaire asks about the assets, liabilities, income and expenses of the individual receiving long term care, as well as his or her spouse (if there is one).

3. Review Strategies. After Identifying goals, and reviewing the data, we review strategies. For Single Individuals there are 30 strategies which can be employed to protect assets, married couple, there are 60. We walk you through each of them to see which ones work for you and appeal to you. At the end of the meeting we know what is involved and can quote you a flat fee for our services. This fee will be your only legal bill for service. Medicaid application and filing fees are extra.

4. Document Development. Next we must make certain that we have all of the legal documents in place that are required. A well-drafted Power of Attorney is critical. Since most of our planning involves some form of gifting to reduce exposure of the assets, we must make certain that you have one of our Powers of Attorney that was specially drafted for seniors faced with high long term care costs. We must also review the Wills, Health Care Powers of Attorney, Trusts, Family Agreements, Deeds, etc. There is no extra charge for any of these documents. If desired, we will also draft an estate plan for the family members with whom we are working at no additional fee.

5. Plan Development and Implementation. We then enter the information and objectives into our computer system, analyze the data and create an asset protection plan. This is followed with implementation of the Plan. This includes the making of gifts, funding a trust if necessary, and changing ownership and beneficiary designations on investments.

6. Plan Monitoring and Legal Advice. Perhaps as much as anything else, our clients have retained us to help them with the barrage of contracts, forms, applications and other documents and issues they face when a loved one is in a nursing facility. When we are retained, we are available to you to answer any and all questions with which you are confronted when a loved one is in the nursing home.

7. Medical Assistance Application. The last step is in applying for medical assistance. Once we have traversed all of the above and any and all periods of time that are required to expire have in fact expired, we are then prepared to apply for medical assistance. We first begin by making final gifts in order to bring the estate down to the allowable $2,400.00 level. There is a fee for this which is in addition to the initial fee.

 All Inclusive Services

Your investments is a one time payment for the plan and one for the medicaid application itself. There are no other fees. We are under retainer for whatever questions and concerns arise in connection with long term care. Our fees are based upon the value we bring to you. The value is determined by the amount we can preserve and an estimate of the time involved. We cannot quote a fee until we understand exactly what it is that we will be required to do for you. We charge one fee for the planning and one fee for the medicaid application.

 What To Do Next

• Call for an Appointment: (412) 751-5670

• Fill out an Elder Planning Questionnaire Married | Single

• Provide us with copies of existing estate plan

Timing is very important. Each month that passes can cost you thousands of dollars. Many people think to start planning 3 years ahead of time, but the truth is that the earlier you start, the more you can protect!