Medicaid Planning/Asset Preservation
Concentrates on assisting individuals who are interested in preserving
their estate, so that it is not depleted in the event of their placement
in a skilled nursing facility.
The monthly cost of placement in a skilled nursing facility is approximately
$4,000.00. Unless an individual has income of more than this amount,
they are faced with the unattractive prospect of invading their principal
to pay the cost of the skilled nursing care.
Medicaid is a form of public assistance available to qualified individuals
to help pay the cost of skilled nursing care. In order to qualify for
medicaid, an individual must meet both the monthly income criteria and
the asset criteria. To meet the monthly income criteria, this office
can assist individuals by preparing an irrevocable income cap trust.
To meet the asset criteria, this office can assist individuals by advising
them on legitimate ways of "spending down" their assets through
authorized gifts, purchases and other means.
