A seasoned lawyer in a big city can charge upwards of $600 an hour, while a younger, less experienced attorney in a more rural state may only cost $125 an hour. Most lawyers will charge a flat rate fee for Medicaid planning. Depending on the package of services that are selected, the costs will vary.
Jul 27, 2020 · Cost of Elder Law Attorneys and Medicaid Planning. There isn’t a clear-cut answer as to the cost of hiring an elder care attorney for Medicaid planning purposes. Some Medicaid lawyers offer free consultations, while others charge an initial consultation fee or offer Medicaid planning conferences that range in cost from approximately $175 – $500.
Jun 24, 2019 · There is much more to do and much more to the value of the attorney’s work. Here are some considerations: First: Here’s a surprise that many families run into: they cannot complete the Medicaid application process without the …
The bill is $8,469 a month. Medicaid will pay that bill as soon as Dad has “spent down” enough money to be eligible. That is till he only has $2,000 left attributable to him (by Medicaid standards). Mom needs money to live on.
Typically, families seek the help of an Elder Law Medicaid Attorney when an elderly family member needs to plan for expensive nursing home care. In Michigan, the average cost of long-term care is $108,000 per year. This is roughly $8,000-$9,000 per month. An Elder Law Medicaid Attorney can help a family create a long-term care Medicaid Planning strategy to pay for …
Many, perhaps most are rejected because of inadequate documentation, unreported assets, incomplete spend down or gifting of assets within 5 years of application.
They don’t tell you at the Medicaid department that you can keep your home and be on Medicaid, but after you die they want your estate to sell it and give the money to the government as payback. They call it “estate recovery.”
You can expect that nobody at Department of Health and Human Services, the Medicaid department, will answer your questions. They are not there to answer questions. There job is to review your application and accept it or deny it. When your application is denied you have to start over.
An Elder Law Medicaid Planning Attorney can help you create Estate Planning documents to protect your assets and preserve your wealth so that you can pass your legacy on to your children.
In Michigan, the average cost of long-term care is $108,000 per year. This is roughly $8,000-$9,000 per month.
Some strategies an Elder Law Medicaid Attorney can help with are done pro-actively, before your elderly family member needs long-term care. This is typically called Medicaid Pre-Planning. One of the pro-active strategies that can be used is the Medicaid Asset Protection Trust (MAPT).
An Emergency Medicaid Crisis occurs if your family member is in a nursing home, or will need to be soon, but doesn’t have the financial resources to pay for care. A Medicaid Attorney can help you structure your assets and quickly apply for benefits so you can get the care you need – ASAP.
To qualify for Medicaid, an applicant needs to meet very specific financial eligibility requirements, including income and asset limits. Applying for Medicaid is very challenging for any applicant over the required limits.
Time is critical so you don’t lose money. Also, eligibility for Medicaid is extremely complicated. Even the smallest mistake can lead to a denial that can take months or years to fix. An Elder Law Medicaid Attorney is a trained professional who can make sure the application process is followed correctly in accordance with the law so you get approved for benefits quickly.
In some cases, a Medicaid applicant is married and their spouse will remain at home. The spouse that remains at home is known as the non-applicant spouse, community spouse, or well spouse. To avoid the non-applicant spouse from becoming impoverished in an attempt to help the applicant spouse qualify for Medicaid, the federal government has spousal impoverishment rules to protect the healthy spouse’s assets. Medicaid Attorneys help married couples maximize the amount of assets under joint-ownership that the non-applicant spouse can retain and also helps maximize the monthly income that an applicant spouse can transfer to the non-applicant spouse.
If long term care is needed, this will ensure that everything is in place before it's needed. The average cost of long term care is about $10,000 a month. If there's no plan, this tends to be devastating to seniors and their families.
An elder law attorney is a professional who can help you to figure out what needs to be done and plan your estate. Before making a call to set up an appointment with a new attorney, you may want to do your research.
Some believe their assets will be properly dispersed because they have a will. Most of the time, this is true, but some things can happen, which may cause complications. Often, the more assets a person has, the better the chances that there are going to be complications.
Bills, liens, or other liabilities you instructed to have paid off never get paid and a creditor may put a claim to some of your estate. It is vital to have a trust drawn up with professionals, so there are no unexpected issues. Have an asset protection trust in place to solve problems before they arise.
If there's no plan, this tends to be devastating to seniors and their families. It's better to be proactive than reactive when applying for Medicaid benefits to help with the costs. Hiring a professional who understands the federal guidelines and standards for Medicaid enrollment will surely make things easier.
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Assuming you do not have an overabundance of assets such that you are not concerned about paying for a nursing home, you should be thinking about asset protection strategies to protect the assets you have accumulated from decades of work and investing that you hope to leave to your loved ones.
If you need long-term care and you do not have long-term care insurance that can cover the costs, you will likely be considering ways to become eligible for Medicaid benefits.
If you have questions about elder law, asset protection, and Medicaid planning, an experienced Tampa Medicaid planning attorneycan help. Contact David Toback today.