Kalamazoo Medicaid Planning Lawyer
Grand Rapids Medicaid Benefits Attorney
The costs of nursing home care for an elderly family member can quickly drain their financial resources. Most people will spend about $75,000 per year to pay for nursing home care. Through proper Medicaid planning, we can help you protect your financial assets, while remaining eligible for Medicaid.
You should never think that is it too late to plan for your future. Estate planning and Medicaid planning involves responsibly considering your needs and goals for the remainder of your life. At Willis Law, we advise people about the process of applying for Medicaid when a person has assets in excess of that allowed for Medicaid approval purposes. Our attorneys will sit down and determine the most appropriate strategy for you. Contact us to learn more about elder law and Medicaid planning.
Protecting Your Assets
There are a variety of methods to protect your assets when applying for Medicaid. While it is wrong to think that a viable way to protect your property is to give it away, there are a variety of correct tools available to convert property that Medicaid counts against you into otherwise non-countable property.
If you own property that is not exempted for Medicaid calculations, it is wise to speak to an elder law attorney about your estate planning and probate options. Property exempted for Medicaid calculations includes your primary residence, personal property and one automobile. If you own property in addition to that exempted property, our firm will assist you in qualifying for Medicaid by:
- Preparing an irrevocable Medicaid annuity trust
- Legal "spend downs" of your estate
- Properly transferring property
- Life insurance policies
Avoiding Guardianships and Conservatorships
Guardianships and conservatorships are another issue you must consider during estate planning. Who will make decisions for you if you are unable to do so independently? If you fail to name a durable power of attorney, a guardian and/or conservator will be appointed by the court for you in what may be a costly and lengthy court proceeding. We will assist you with creating powers of attorney and documents that spell out your intentions clearly.
Contact a Kalamazoo Medicaid Planning Attorney Today
Contact one of our lawyers at Willis Law to schedule an appointment about your concerns. From offices in Kalamazoo and Paw Paw, we counsel people throughout Southwest Michigan, but have experience representing clients from California to Canada.
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Willis Law
