Secure Your Future With A Catonsville Medicaid Asset Protection Attorney
Planning your assets around Medicaid is crucial as you transition to the golden years of your life – especially if you may need long-term care. Without proper planning, you risk depleting your life savings on care costs. At BZ Elder Law, we understand the complexities of Medicaid asset protection. Our experienced elder law attorneys and guardianship lawyers are here to help.
We have a firm understanding of all aspects of the Medical Assistance application process, including asset preservation, spend-down, filing the application and prosecuting appeals. We can help you protect family income and assets so you and your loved ones can maintain the standard of living you have worked hard to achieve.
Offering Comprehensive Medicaid Planning And Asset Protection
Medicaid planning involves understanding the lookback rule and spending down. The lookback rule examines your financial transactions over the past five years. Any transfers or gifts made during this period can delay Medicaid eligibility. Spending down refers to reducing your countable assets to qualify for Medicaid.
Our elder law lawyers work closely with you to make sense of how these regulations apply to you. We develop a customized plan to protect your assets and ensure you meet Medicaid requirements while preserving assets and income for your spouse and disabled family members. Our team explores estate planning options, like creating trusts, to help you retain control of your assets while still qualifying for Medicaid. Then, we shoulder the preparation and application process.
Trustworthy Guidance From Experienced Elder Law Professionals
Our firm stands out because we have represented applicants and authorized representatives, including family members, guardians, powers of attorney and assisted living facilities and nursing homes, to secure these incredibly valuable benefits. In addition, we prosecute appeals of denials of benefits, delays or other errors in processing applications to secure a favorable decision on behalf of the applicant. This dual perspective gives us a holistic understanding of the Medicaid application process. As a result, our Medicaid planning lawyers see the bigger picture and can provide you with strategic advice.
Frequently Asked Questions About Medicaid Asset Protection
At BZ Elder Law, we focus on providing our clients with up-to-date legal information, answering questions and providing valuable insights. With that in mind, here are a few of the questions we see most:
What is the Medicaid asset limit in Maryland?
The limit for Medicaid is $2,500 of countable assets. This can include financial assets like stocks or cash, along with secondary real estate or a second vehicle. Some assets are exempt or noncountable, such as a primary vehicle, a home or specific personal belongings, like family heirlooms. In addition to the asset limits, remember that your income will also be considered, though the limits vary from one case to the next.
Can I give away my assets to family members to qualify for Medicaid?
Yes, you can give assets to family members and this is a common tactic to spend down those assets. From the perspective of Medicaid, the timing is crucial. Due to the five-year look back period, a disqualification or penalty period can be applied if gifts were passed out in the last five years. Planning well in advance can help avoid this complication, while giving gifts away immediately before applying for benefits could significantly delay the process.
What are the Medicaid eligibility rules in Maryland?
As noted above, you must be eligible based on your income, which is different for different groups – this is one of the reasons why it is so helpful to work with an experienced lawyer. You also need to be a U.S. citizen or a noncitizen who qualifies. Additionally, to apply in Maryland, you must be a state resident.
Do I need to spend down all my assets to qualify for Medicaid?
You likely do not need to spend down everything. As noted, you can keep some personal assets and noncountable assets that are fundamental to your life, like your home. But you do need to spend down some assets if you are over the $2,500 limit. For instance, you may transfer assets to children early, rather than holding onto those assets and putting them into your estate plan.
Start Early – Contact A Medicaid Lawyer For A Consultation
BZ Elder Law is dedicated to protecting your assets and securing your future. Please call us at 443-529-0895 or send us an email to schedule a consultation and start your Medicaid planning journey.