Preparation is the key
“Medicaid Planning” is a form of estate planning where an attorney examines a person’s income and assets to determine whether it may be possible to restructure their estate and qualify them for Medicaid while potentially preserving assets.
It is very important to have a skilled attorney assist you with this process. Your attorney should be very familiar with the ever-changing Medicaid regulations and process, and should have in-depth legal knowledge of estate planning and asset management.
Without relying on the advice of an attorney with a comprehensive understanding of the law in both areas, individuals run the risk of being disqualified for Medicaid and/or having their assets mismanaged or unnecessarily relinquished. With the guidance of a knowledgeable Elder Law attorney, it may be possible to implement various estate-planning techniques in order to qualify for Medicaid benefits while preserving and protecting your assets legally.