Protecting Your Loved OnesPreserving Your Assets
South Dakota Medicaid Planning Lawyers
Helping Clients Make Smart Decisions About Long-Term Care Costs for Close to 30 Years
Roughly half of Americans living in nursing homes rely on Medicaid to cover their expenses. In order to be eligible for Medicaid, however, a senior must demonstrate that they are unable to afford their health care due to a low income or lack of assets. When trying to prepare for the reality of future health ailments, two potential approaches include proactive planning and crisis planning. Let Aspen Legacy Planning help you understand the law as it applies to your situation and begin moving forward.
Proactive Planning vs. Crisis Planning
While it is impossible to predict when a life-altering event might occur, it is possible to start preparing for that possibility now. With proactive planning and helpful guidance, you can ensure your medical costs will be covered as they arise. A proactive planning approach entails thinking ahead so you can structure your assets and expand your available options, while a crisis planning approach means you only start investigating the issue once it becomes necessary. In this situation, you are now desperate and your potential health care solutions are more constrained. Aspen Legacy Planning offers helpful guidance to make sure you stay as healthy as possible.
Effective ways to plan for long-term care include:
- Health insurance trusts
- Successfully applying for Medicaid
- Set up powers of attorney and create helpful wills
- Enlisting the help of an experienced attorney
Strategies for Protecting Assets from Medicaid
Medicaid is one way you can help mitigate your long-term care expenses. However, your Medicaid eligibility can be affected by your saved money and other assets. Transferring your assets to family members before applying for Medicaid can often trigger a penalty to your benefits. If you want to be able to qualify for Medicaid while preserving your assets, there are several strategies your Medicaid planning attorney can go over with you.
Some Medicaid asset protection strategies include:
- Drafting a specialized trust
- Created a care agreement
- Using spousal transfers and refusals
- Understanding exempt assets that are transferable as gifts
A South Dakota Medicaid attorney from our firm can help you identify the best options for your personal situation.
Call (605) 610-4016 Today for Assistance with Medicaid Planning
The process of managing the financial and logistical aspects of long-term health care can be quite devastating. Having our experienced elder lawyers at your side to provide sage advice and intervene when necessary can substantially decrease the drama and uncertainty of the situation. At Aspen Legacy Planning, Principal Attorney Stephen J. Wesolick brings close to 30 years of experience to help you develop a long-term health care plan that leaves little to chance.
Reach out to us today at (605) 610-4016 to start planning for a healthy tomorrow.
As your attorneys and counselors, we put your interests first - treating you with respect, honesty and dignity.
Close to 30 Years of Legal Experience
Our attorneys have extensive experience in complex business, commercial and family legal issues.
We offer no-obligation in-person, telephone and video-conference consultations for your convenience.