Planning for old age is crucial, especially when Medicare won’t pay for life in a nursing home. But, with some prudent Medicaid planning, Louisiana residents may have financially stress-free senior years. One of the goals of wise planning is to ensure than any countable assets are rearranged in a portfolio so that they can exchanged for assets that are tax exempt.
With this having been done, financial resources won’t be drained for Medicaid to pay for top level care. However, there are some mistakes that could be averted when it comes to Medicaid, one of which includes applying for it. Applying too early may mean having to wait longer to become eligible and could cost a lot of money, while applying too late may mean losing months of eligibility, causing a depletion of assets.
Also, there are some assets that can be transferred without compromising a person’s eligibility for Medicaid. A lawyer would know how to guide a client in this respect. There are also built-in protections for spouses whose partners are in nursing homes such as applying for a community spouse resource allowance increase. Wise Medicaid planning should address all these issues.
A Louisiana attorney who has experience with Medicaid planning may be able to offer some good advice regarding planning that won’t drain a client’s finances. Planning for the future may avert personal stress and stress on family members. It’s is never too late to obtain guidance when it comes the legalities of Medicaid planning. A person who plans alone may not be aware of the things he or she could take advantage of in the planning process.