Medicaid - Crisis Planning
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Our firm is adept at assisting families in preserving quality of life and assets, as well as handle the actual Medicaid application process. We are able to assess whether you are eligible for Nursing Home Medicaid benefits, and if not, how we can assist you in meeting that goal.
We define “Crisis” Medicaid Planning as when an individual is already in a skilled nursing facility or will be entering within a short time-period and needs to qualify for Medicaid benefits immediately. This event may also involve failing to qualify for Medicaid benefits because of either too much income or too many assets, or both.
Through the use of techniques such as: Qualified Income Trusts, Immediate Annuities, Personal Service Contracts, Balloon Payment Promissory Notes, Special Needs Trusts and other strategies, a person may immediately qualify for ICP Medicaid (Nursing Home) Benefits, while at the same time preserving their quality of life through asset preservation.
In the case of a married couple, an applicant may be able to also increase the well spouse’s Community Spouse Resource Allowance, or redirect some of the nursing home spouse’s income away from nursing home costs, and back towards the well spouse, through the use of the Minimum Monthly Maintenance Income Allowance.
