Overland Park Medicaid lawyers are invaluable advocates who can help you to protect your future. Unfortunately, far too many people do not realize the importance of working with a Medicaid lawyer as they get older and the chances of needing costly healthcare increase. You do not want to make the mistake of not getting the legal help you need to help you prepare to qualify for Medicaid, as doing so could have adverse consequences and cost you and your loved ones.
Parman & Easterday can provide invaluable help with Medicaid planning issues. We understand the rules for qualifying for Medicaid and can work closely with you to make effective use of the available legal tools so you have the peace-of-mind of knowing you will qualify for Medicaid if it becomes important for you to do so. You should give us a call to find out why Medicaid planning is so important and how we can help with this process. You can also read on to learn about some of the things that may go wrong if you don’t work with Overland Park Medicaid lawyers to make your Medicaid plan.
What Could Go Wrong If You Don’t Work With Overland Park Medicaid Lawyers
Many different mistakes could be made during the Medicaid planning process if you don’t get the right legal help. Some common errors that Overland Park Medicaid lawyers can help you to avoid include:
- Waiting too long to create a Medicaid plan: Medicaid has a five year lookback rule. If you take certain actions within five years of trying to get benefits, you will not be able to qualify. It’s important that you put a Medicaid plan in place early, well before you need care, so you can protect the maximum assets.
- Thinking you don’t need a Medicaid plan: More than 70 percent of people who’ve lived until 65 eventually need nursing home care according to the Wall Street Journal. You need to plan for the very real possibility you will become one of them.
- Failing to consider whether your heirs or beneficiaries may need you to make a Medicaid plan: If you are leaving wealth to a disabled loved one, it’s important to consider whether the transfer of money or property could result in a loss of Medicaid benefits. If so, you should work with Parman & Easterday to make a special needs trust so this doesn’t happen.
- Giving away assets as part of your plan: Transferring assets can result in a temporary disqualification from Medicaid coverage. You could be disqualified for the number of months calculated by dividing the value of transferred assets by the average nursing home care costs in your area.
- Using the wrong legal tools: Many people don’t understand what tools protect their wealth. If you make a revocable living trust, the assets within it will still be vulnerable and will still count when determining if you’re eligible for Medicaid.
There may also be other issues you need to address related to qualifying for Medicaid, based on the specifics of your family or financial situation. That’s why getting personalized help is essential — there is too much money at stake to leave things to chance.
Contact Overland Park Medicaid Lawyers Today
Overland Park Medicaid lawyers at Parman & Easterday will help ensure your need for nursing home care or long-term care at home does not jeopardize your ability to leave your legacy. We can also help you ensure that providing an inheritance to a disabled loved one does not cause your relative or friend with special needs to lose access to important means-tested Medicaid benefits.
To learn about the different ways our legal team can assist you with the Medicaid planning process and help you avoid costly mistakes, join us for a free seminar. You can also give us a call today at (405) 843-6100 or contact us online at any time for personalized help.