Can You Afford to Forgo Medicaid Planning? Tanko Law :: (702) 367-6636
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Can You Afford to Forgo Medicaid Planning?

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Medicaid is a health and long-term care coverage program that was enacted in 1965 through amendments to the Social Security Act. Each state administers its own Medicaid program and determines the type, amount and duration of the services covered within the federal guidelines.

In today’s society, America’s elderly population has reached unprecedented levels due to the advances in modern medicine. Because of this, the elderly are facing challenges that they didn’t face in earlier generations, one of which includes the prospect of moving into a nursing home for quality, round-the-clock care. When someone has moderate income and assets and they wind up needing long-term care, they eventually rely upon Medicaid to cover the costs of their care. However, in many situations a healthy spouse with previously adequate income is robbed when they are left to live with too little in protected resources and income.

Additionally, children, grandchildren and friends are not recognized for the financial sacrifices they have made by providing care for the recipient before their needs require Medicaid to pay for professional help. Fortunately, with adequate planning there is something you can do to preserve your assets and ensure that you qualify for Medicaid without being subject to the 5-year look-back period – this is called Medicaid planning.

By using a professional Las Vegas Medicaid planning attorney, you can correct these discrepancies in the system. Medicaid planning is similar to tax planning in that it utilizes honest methods and the existing laws to structure legal strategies. Medicaid planning applies in circumstances where families want to protect certain assets such as a family home or a savings plan, and there is no attempt to take advantage of tax payers. Medicaid planning can also consist of ensuring one’s eligibility should the time come, and taking advantage of long-term care insurance where applicable. Some of the tangible benefits of addressing Medicaid planning and elder law issues include:

  • Preserving or transferring assets to avoid spousal impoverishment
  • Facilitates Medicaid qualification
  • Addresses supplemental and long term health insurance issues
  • Disability planning: powers of attorney, advanced directives
  • Avoids having Medicaid deplete the estate

At The Law Offices of Brian C. Tanko, our founding attorney Brian Tanko has over 18 years of experience working in the field of estate planning and elder law. Medicaid planning is one component of a sound estate plan and can be absolutely critical to your loved ones should you one day need long-term care. With proper planning, you can qualify for Medicaid when you need it while preserving the value of your estate as much as possible. To learn more about the various strategies used in Medicaid planning, please contact our office today by calling (702) 420-7793.

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