Medicaid rules are designed to protect and shield the assets of the elderly. Those who plan well in advance have more options available to them than those who delay decision-making. Here are a few of the most common Medicaid planning mistakes and what to do instead:
Not Using A Lawyer
While it is possible to make Medicaid plans without the assistance of an attorney, it is not a good idea. By flying solo, you run the risk of overlooking important details when planning for care or arranging for asset protection. For instance, the eligibility needs of the recipient of Medicaid can be denied if the person has assets or wealth that has been transferred within a certain time frame. When in doubt, it is best to work with a trusted Medicaid planning attorney from the start.
Delaying Plans
Another common Medicaid planning misstep? Waiting too long to cement plans. The earlier you start planning, the more options you will have available. Unfortunately, many people do not begin to look at their Medicaid and long-term care plans until after they become ill. You can avoid this common mistake by having a discussion with your loved ones and an experienced Medicaid planning attorney about your options well in advance of any potential health issues that may arise in the future.
Overlooking Asset Protection
Many people fail to realize that asset protection is available for Medicaid recipients. Immediate annuities and spousal allowances can go a long way to guard your assets in times of uncertainty, but many remain ignorant of these options. Unfortunately, it can be difficult for the average Medicaid recipient to know what they don’t know. That is where an experienced elder law attorney can help. Even if you are sure you understand all of your planning options, scheduling a strategy session with an elder law attorney to ensure you are not overlooking important assets that need to be protected is in your best interest.
Taking Questionable Advice
Armchair experts can occasionally offer a good perspective, but unless you are friends with an experienced Medicaid planning attorney, you should look outside of your social circle for advice. When legal matters are at stake, it pays to meet with an expert. It is fine to explore your options and ask friends about their experiences with Medicaid, but when it comes time to make final decisions, always be sure to run your ideas by a Medicaid planning attorney to ensure nothing is overlooked.
To schedule a strategy session with one of our experienced elder law and Medicaid attorneys today, call (281) 885-8826 or contact us here.
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