When people think about planning their estate, they might often think about a will, a trust, or a power of attorney. Their long term health care might not come to mind, or only be related to something such as guardianship or conservatorship. However, there is more to consider.
As a medicaid lawyer in Des Moines, IA might explain to you, failure to think about your long term health care, in the form of medicaid or insurance, can result in both legal and financial problems. These issues might be so significant that they prevent a person from getting the help they need.
Planning for your long term care is important, and the sooner you get started, the better. To ensure you plan everything correctly, it is important to consider having a medicaid lawyer in Des Moines, IA on your side.
What is Medicaid Planning?
When it comes to Medicaid, you can expect a lot of formalities, regulations, and procedures. Receiving these benefits can take time and often requires the help of a medicaid lawyer in Des Moines, IA. When you meet with a lawyer from The Iowa Law Group, you will likely be explained that Medicaid is a health care plan that is available to certain applicants, and offered by the government. Not everyone will be able to receive Medicaid; therefore, it is important you start planning ahead if you are counting on this health care coverage.
Why You Should Consider Medicaid Planning
Long term care is very costly in every state. A nursing home, for example, might cost between $4000 and $8000 per month. If you have not planned ahead of time, you may have to pay for these expenses out of pocket. As a medicaid lawyer in Des Moines, IA, we know of people who spent a large portion of their life savings on costs that could have been prevented had they planned ahead.
There are various strategies that you can utilize ahead of time to preserve your income, assets, and retirement fund. At the same time, you may receive the Medicaid you had been counting on and ensure your beneficiaries get the assets you intended them to have.
Sheltering Your Assets
A common strategy used while planning for Medicaid is that of sheltering your assets. Although it might sound like a shady practice, it is legal and can be carried out by a Des Moines, IA medicaid lawyer.
By drafting an irrevocable trust, any property held in the trust will then be excluded from the estate. As a result, the assets will be protected for the heirs. Irrevocable trusts have many special rules; for example, they must be funded for a period of time prior to being a viable tool for Medicaid planning.
You Should Not Delay Your Long Term Care Planning
As a medicaid lawyer in Des Moines, IA, we, at The Iowa Law Group, cannot emphasize enough how important it is to avoid delaying your long term care planning – which include Medicaid planning. The earlier you get started the better, for the longer you wait, the more likely you will have problems of some kind. In general, people who plan in their 60s will need to wait longer for Medicaid than those who began in the 50s.
Medicaid planning might seem complicated, especially if you need to create a trust, or shelter your assets. However, with the right medicaid lawyer in Des Moines, IA on your side, you can feel confident in knowing your situation is in good hands.