Our law practice is focused on helping people address serious issues involving their families, financial security and overall well-being. Our clients come to us at all phases in their lives — and sometimes under emergency circumstances — for services that range across the spectrum of divorce and family law, estate planning, and aspects of elder law.
A major issue that many people should thoughtfully address today is the prevailing cost of long-term health care. Specifically, it may be critical to understand whether you could qualify for Medicaid assistance today and what it could cost you if you must first liquidate assets. Boston area attorneys Edward L. Amaral, Jr., and Talia Simonds have extensive experience in advance Medicaid planning, including creation of Medicaid trusts. We are well-prepared to address this specific issue or incorporate Medicaid planning into your broader estate plan.
Medicaid Trusts And Advance Medicaid Planning
Medicaid (also known as MassHealth in Massachusetts) limits the amount of assets a person may own when receiving Medicaid benefits. If a person applies for Medicaid and exceeds this limit, he or she can be required to spend down or otherwise deplete his or her assets before becoming eligible for Medicaid coverage. With costs of nursing home care or assisted living care averaging approximately $12,000 per month, this can be very expensive.
With effective advance planning, most, if not all of a person’s assets can be protected from Medicaid. This requires submission of an application, by way of a Medicaid trust, and the use of other advance planning tools. When the application is submitted to Medicaid, Medicaid will review the applicant’s current assets and asset transfers in the last five years. This five-year look-back period makes advance planning critical for anyone who anticipates needing Medicaid assistance in the future.
Crisis Planning To Receive Medicaid Assistance
If an application is submitted to Medicaid within the five-year period and there has been no advance planning, there are other methods and resources a person can use to preserve many, if not all, of his or her assets. This type of Medicaid planning is known as crisis planning.
Call 617-539-1010 For Prompt Attention To Your Needs
At Amaral & Associates, P.C., our lawyers will welcome all of your questions about Medicaid, insurance and any aspect of estate planning. If your case calls for immediate analysis and action, we are capable of delivering exactly that. To schedule your consultation at our Boston or Winthrop, Massachusetts, law office, simply call or contact us by email.