Medicaid Planning: Why Hiring an Lawyer is Essential to Maximize Savings
Is hiring a lawyer essential to maximize savings for straightforward Medicaid planning? Depending on individual circumstances, the smartest course of action would generally be a resounding “yes.”
The healthcare coordinator at your mother’s elder care facility certainly possesses extensive knowledge about the Medicaid program. However, they may not be fully conversant with the specific rules relevant to your case or the latest legal modifications. Moreover, if you’re at the point of applying for Medicaid, you could have potentially missed valuable planning opportunities that were available in the past.
Much of Medicaid planning revolves around making sure that the Medicaid applicant does not have too many assets or the wrong kind of assets when Medicaid is needed. Every person’s situation is different so doing this properly often takes time.
The optimal approach is to seek guidance from a certified professional who can provide comprehensive advice regarding your situation. At the very least, the cost of a consultation could provide essential peace of mind. Furthermore, the insights you gain could translate into substantial financial savings or enhanced care for yourself or your dear one. This could entail utilizing trusts, asset transfers, annuity purchases, or raising income and resource allowances for the healthy spouse.
Engaging with a qualified professional as early as possible is recommended. Delaying this could mean missing out on available steps to secure your assets because your mother might need some time to get the benefit of the most powerful planning strategies. This is where hiring a lawyer is essential to maximize savings when doing Medicaid planning.
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