An Oklahoma City Medicaid planning attorney can provide invaluable advice in establishing a Medicaid plan. You may need a Medicaid plan to qualify for Medicaid coverage if you require nursing home care. Your plan can also help protect your assets after you pass away. Your assets potentially are at risk after your death if you obtained Medicaid coverage. The reason your assets could be taken after your death is because of Medicaid estate recovery rules.
Parman & Easterday can explain estate recovery, whether it applies to your situation, and what you can do to protect your assets so you can leave a legacy to your loved ones. You should not lose everything you have worked so hard for, and your loved ones should not lose their inheritance, simply because you end up needing nursing home care.
You should talk with an Oklahoma City Medicaid planning attorney as soon as possible, because protecting your assets during your lifetime and after your death is going to require planning in advance of the time you actually need care.
How does Medicaid Estate Recovery Work?
Medicaid.gov explains the rules for Medicaid estate recovery. Under these rules, states like Oklahoma and Kansas are required to recoup some of the funds paid out for certain kinds of care and for certain types of beneficiaries.
For example, states must use estate recovery to recoup funds paid out by the Medicaid program to beneficiaries 55 or older at the time they obtained benefits for prescription drug services, home and community based services, and nursing home care.
Medicaid pays for nursing home care for a substantial number of nursing home residents, often paying hundreds of thousands of dollars for this care. The state can recover these funds from the estates of the person who received the care. States are also allowed, but not required, to try and recover payments for all other benefits paid to individuals 55 and older.
States try to recover these payouts by making claims after Medicaid beneficiaries pass away. The state acts as a creditor during the probate process and makes a claim against the estate to get the money back.
How Can an Oklahoma City Medicaid Planning Attorney Help Avoid Estate Recovery?
In Medicaid estate recovery, the state goes after assets you owned and that pass through probate after your death. If you use the right types of legal tools to change the way in which your assets are owned or pass at your death, you may not need to worry about the state coming after your property once you pass away.
Medicaid estate recovery rules allow the state broad authority to try to take property, including a family home and assets held in certain types of trusts. You need to work with an experienced Medicaid planning attorney to find out if you can use legal tools to effectively protect your assets without jeopardizing your Medicaid coverage.
If your loved one has already passed away and your inheritance is at risk due to Medicaid estate recovery, it is still a good idea to talk with an experienced attorney. Your attorney can help you argue against the state taking property by proving the taking would create an undue hardship due to your circumstances.
Getting Help From an Oklahoma City Medicaid Planning Attorney
Parman & Easterday will help you decide if you are at risk of assets being lost due to Medicaid and your need for nursing home care. If you might qualify to have Medicaid pay for your time in a nursing home, we can assist you in establishing your Medicaid plan so you can obtain Medicaid coverage when you need it without placing your assets in jeopardy.
To find out more about Medicaid planning, join us for a free seminar. You can also call today at (405) 843-6100 or (913) 385-9400 or contact us online at any time to get personalized advice from an Oklahoma City Medicaid planning attorney. Do not wait to get help. You need to act now, before you need care, if you want to protect your assets. Give us a call today to get your planning process started.