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Mechanicsburg Medicaid Planning & Asset Protection Attorney

Mechanicsburg Medicaid Planning & Asset Protection Attorney

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Safeguard Your Future with Keystone Elder Law

As Pennsylvania’s senior population continues to grow, the demand for long-term care is on the rise. However, the escalating costs of nursing homes and similar services pose a significant financial challenge for many retirees. Pennsylvania Medical Assistance, the state’s Medicaid program, can provide coverage for qualified individuals in need of nursing home care. However, establishing and maintaining Medicaid eligibility requires careful planning and adherence to complex regulations.

Keystone Elder Law, P.C. is a compassionate team of dedicated Mechanicsburg Medicaid planning and asset protection attorneys. We understand the importance of protecting your assets while ensuring eligibility for Medical Assistance to cover long-term care expenses. Our experienced lawyers will thoroughly assess your financial situation and provide guidance on the necessary steps to achieve your goals. We will navigate the application process with you, ensuring compliance with regulations and maximizing the likelihood of a favorable outcome.

Navigating Medicaid’s Five-Year Lookback Rule

Medicaid is a means-based program, meaning eligibility is determined by income and asset thresholds. For instance, as of 2023, Pennsylvania Medical Assistance sets the limit for countable assets at $2,000 for individuals seeking long-term care coverage. Countable assets include checking accounts, savings accounts, and retirement accounts, but typically exclude your primary residence.

Transferring assets below market value to meet Medicaid limits is not a viable solution, as Medicaid enforces a five-year “lookback” period with penalties for such transfers. To effectively protect your assets while complying with Medicaid rules, it is crucial to work with an experienced Medicaid planning and asset protection lawyer. Our team will guide you through lawful asset transfers that help you meet Medicaid requirements and safeguard your property against future recovery efforts.

Effective Medicaid Asset Protection Strategies

While each case is unique, there are common Medicaid asset protection strategies that we assist clients with, including:

  • Trusts: Certain trusts allow you to shield assets without triggering Medicaid’s five-year lookback rule. For example, an irrevocable trust can hold your home or specific assets designated to cover future funeral and burial costs.
  • Caregiver Agreements: While direct gifting to comply with Medicaid spend-down requirements is not permissible, you can legally compensate friends or family members for providing personal care. Carefully drafted caregiver agreements can pass Medicaid scrutiny.
  • Annuities: Several companies offer “Medicaid-compliant” annuities, where you provide a lump sum to the annuity company, and they pay it back to you in monthly installments. These annuities can provide ongoing income for the spouse of a Medicaid recipient.

Consult Keystone Elder Law, P.C. for Trusted Medicaid Planning and Asset Protection

Medicaid asset protection planning is a complex legal area that requires meticulous attention to detail. To avoid denials or the loss of Medicaid nursing home benefits, it is crucial to work with skilled Medicaid planning and asset protection attorneys. Contact Keystone Elder Law, P.C. today to schedule a consultation with our experienced team in Mechanicsburg. We are dedicated to safeguarding your future and ensuring you receive the long-term care support you need.

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Comprehensive Interdisciplinary Approach

Empowering Clients with Holistic Planning at
Keystone Elder Law

At Keystone Elder Law, we believe that the physical, social, legal, and financial considerations of our clients all intertwine. We utilize an interdisciplinary approach to evaluate each area, which allows for the creation of a plan that addresses the concerns of the individual as a whole as well as the family. To this end, our model of practice includes a Care Coordinator (usually a nurse or social worker), whose expertise complements our team of attorneys.

When the road of life is smooth, decisions about legal and financial matters are easy to push aside for “a rainy day.” Planning ahead, however, will allow for more options as you view the map of where you’ve been and where you want to go. Don’t let a crisis limit your choices or derail your plans.

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