Start Early For Medicaid Planning
Most people encounter new medical conditions both throughout life and as they age. Unfortunately, medical expenses for these conditions are unpredictable, and they often drain families’ resources.
At Law Offices of Kelton M. Burgess, LLC, we can help you plan to qualify for Medicaid years before you need medical care. By helping you manage and reduce your assets, our experienced lawyer can help you become eligible for vital benefits when you need them most.
How Medicaid Planning Works
The prospect of reducing your assets can be intimidating. However, many Pennsylvania families decide that gifting or strategically allocating their assets could be a good thing. Often, Medicaid planning is more favorable than giving assets away to companies in the future.
Nevertheless, Medicaid is sometimes misunderstood. There are Medicaid planning methods that could be dangerous or ineffective. Law Offices of Kelton M. Burgess, LLC draws upon proven legal knowledge and estate planning experience to protect our clients as they prepare for the future.
Why Your Timing Matters
The government uses many rules and strategies to prevent people who can otherwise afford their care from using Medicaid. One of these key rules is the look-back period on asset transfers, which affects the amount of Medicaid you can receive.
If you apply for Medicaid, the government will review how you used and managed your money and assets within the last five years. Any gifts or transferred assets within those five years could decrease the amount of benefits you may receive if you are eligible for Medicaid.
Therefore, it is critical to think ahead about your finances and potential medical needs. In some cases, it could be beneficial to gift inheritance early and use other lawful methods to deplete your available assets. We can examine your specific financial profile and recommend careful strategies. Our lawyer can be a reliable reference over time, regardless of your age when you start planning.
Seek Personalized Counsel For Your Future
Law Offices of Kelton M. Burgess, LLC will customize a plan that matches your financial goals and concerns. To learn about your Medicaid planning options, call 412-212-0273 or email our firm in Pittsburgh for a consultation.