Planning For Your Elder Years
As the population of the United States ages, more and more people are considering the option of applying for Medicaid. However, without advance planning, qualifying for Medicaid may be difficult, if not impossible. If you are thinking about how to pay for long-term medical care, contact Avallone Law Associates, in Philadelphia, to discuss a customized plan tailored to meet your specific needs.
Medicaid Planning and Trusts
Medicaid benefits, different from Medicare benefits, provide financial assistance for long-term care to qualifying elderly and disabled individuals. However, qualifying is the key term. There are stringent requirements regarding income and assets that must be met in order to be eligible for Medicaid benefits.
The Philadelphia elder law attorneys at our firm are highly experienced in addressing questions and concerns pertaining to estate planning and long-term elder care planning. We understand the Medicaid process and requirements, and are able to assist clients through each step. We can also assist with the creation of trusts designed to permit Medicaid eligibility and retain sufficient assets to pay for any uncovered special needs.
One such trust is the supplemental needs trust. This type of trust is used to shelter the assets of disabled individuals under 65 years of age. The resources transferred to this trust are disregarded for Medicaid and SSI qualification purposes. However, a supplemental needs trust must be created by a third party (court, parent, grandparent or guardian) and is subject to a payback provision, meaning that after the death of the beneficiary, the state must be reimbursed (via trust funds) for any Medicaid benefits provided.
Another type of trust which permits disabled individuals to retain access to government benefits and provide for long-term care is a pooled trust. In this type of trust, individuals transfer or “pool” their money into a trust administered by a nonprofit agency. Unlike the supplemental needs trust, anyone may create a pooled trust, including the disabled beneficiary.
Answers to Elder Law Questions
If you have questions or concerns regarding elder law, Medicaid planning or guardianships/conservatorships, please call our firm. We are well-versed in the law and have 40 years of experience providing dedicated counsel and steadfast representation.
To schedule a free initial consultation to discuss your estate planning options or to begin creating your will and/or trusts, contact a lawyer at Avallone Law Associates today.