A Plan Can Help Older People Protect Their Futures And Assets
When planning for your elder years, it is common to have concerns about whether you have saved enough money. Nursing home costs can be difficult for many people to handle, especially during a long-term residence. Given the heavy financial burden, it is common for many Rhode Island residents to take steps that ensure their eligibility for Medicaid assistance.
Medicaid benefits can help you pay for long-term residence in a nursing home or assisted living facility. However, the eligibility requirements are strict. At Moore, Virgadamo & Lynch, Ltd., our estate planning attorneys can help you manage your finances to ensure that you meet these requirements when the time comes to apply for benefits. You can learn more about how we can help you by calling us at 401-846-0120.
Qualifying For Medicaid
The government will do a complete review of the proposed Medicaid recipient’s assets and finances to determine if they qualify for Medicaid. The government will take the recipient’s financial history into account when they apply, including any assets they sold or gave away during the five-year Medicaid look-back period. These asset sales will be counted against the recipient and may force them to wait longer before they qualify.
You can achieve eligibility by planning early and carefully managing your finances. Our attorneys can provide valuable advice on gifting and other financial strategies that you can use to reduce your assets, enabling you to meet the requirements as quickly as possible. We will also help you avoid financial missteps that could delay your acceptance into the program.
Contact Our Newport County Lawyers And Schedule Your Consultation
Our Newport elder law lawyers take a personal approach to Medicare planning. When you contact our law firm, one of our attorneys will meet with you in person to answer any questions you may have about the Medicaid planning process. We will then examine your past and present finances to provide legal advice that is hand-tailored to your unique situation.