Medicaid Planning Lawyer for Asset Protect from Indiana Nursing Homes
The cost of long-term care is expensive enough to break just about any senior’s budget. In fact, the median cost for a semi-private room at a skilled nursing facility is nearly $100,000 annually. As an Indiana Medicaid lawyer, I help clients maximize the nursing home and long-term care benefits to which they may be entitled.
At Plitz Estate Planning, when we meet a new client, we discuss their financial situation, determine whether the individual qualifies for benefits (such as Medicaid or Veterans benefits), and learn about each client’s goals. As a dedicated and compassionate Medicaid planning lawyer serving New Albany and the surrounding communities, I can then develop a strategic plan to preserve assets to the extent possible in light of nursing home expenses.
Indiana Medicaid Planning FAQs
Contrary to popular belief, individuals do not need to be completely destitute to qualify for Medicaid. It is, however, better to plan in advance if Medicaid assistance may be needed due to certain look-back conditions.
Indiana Medicaid is a needs-based healthcare program that covers the cost of long-term care for Indiana seniors and disabled individuals meeting the eligibility requirements. In 2022, a single applicant can have no more than $2,000 in assets and $2,523 in monthly income to qualify; however, many assets do not count toward the limit. For example, exemptions include personal belongings, household furnishings, an automobile, irrevocable burial trusts, and generally one’s primary home (excludes primary residences with home equity interests of up to $636,000).
When an individual applies for Medicaid, only the income of the applicant is considered, meaning that the income of the non-applicant spouse is disregarded. As such, certain income can be transferred to a non-applicant spouse to decrease the applicant spouse’s monthly income.
A non-applicant spouse may be entitled to a Minimum Monthly Maintenance Needs Allowance (MMMNA) to ensure the individual has sufficient financial means from which to live. If a non-applicant spouse’s income is below $2,288.75 per month, income can be transferred from the other spouse to bring their monthly income up to this level. Further, if housing and utility costs exceed $686.63 per month, it may be possible to increase the spousal income allowance even further.
If you are interested in exploring an MMMNA, we encourage you to call our office to schedule a free initial consultation with a New Albany long-term care and Medicaid planning attorney.
Indiana Medicaid and Veterans benefits are challenging, and mishandled applications can easily result in the continued erosion of assets. For this reason, it is critical to consult with a New Albany Medicaid planning attorney who is experienced in creating pragmatic estate plans designed to preserve assets without affecting benefit eligibility as soon as possible.
At Plitz Estate Planning, we can help navigate every step of the Medicaid application process, addressing critical issues ahead of time so you and your family can avoid pitfalls down the road when it is time to apply for benefits. With over a decade of experience, I can evaluate your circumstances, answer your questions, and provide guidance on what can be done to help you (or a loved one qualify for Medicaid nursing home benefits while protecting assets for your spouse and children.
It is critical to engage in methodical estate planning well in advance of when long-term care may be needed – typically at least five years in advance – as Medicaid law may count certain assets toward eligibility limits if they are recently transferred.
To prevent seniors from giving away assets to qualify for Medicaid, the government implemented a look-back period of five years. When an individual submits an application for nursing home Medicaid benefits, the government will review all financial transactions within this period to determine if any transfers were made that violate its eligibility policies. Specifically, a Medicaid applicant can be penalized if assets were transferred, gifted, or sold for less than the fair market value. If a transaction is found to be in violation of the rules, the applicant can be made ineligible for Medicaid for a penalty period, meaning that they will not be able to receive long-term care paid by Medicaid for several months or even years.
Talking to an experienced New Albany Medicaid planning lawyer can help you or a loved one navigate the look-back period, potentially preparing you for Medicaid eligibility.
Call Today to Schedule A Free Initial Consultation
If you would like to learn more about how you may be able to strategically plan for your future long-term care needs, we invite you to call our office to schedule a free consultation.
Jim was extremely helpful in creating our trusts and other legal documents. Since I have some training in contracts, Jim was very accommodating and worked with me on changes that I suggested. If I did not understand some aspects of the legal documents, he was very willing to provide a thorough and clear explanation…
We would recommend James as a Trust Attorney without hesitation. While he is extremely knowledgeable, he is also down to earth. He takes the time to educate you using every-day layman’s language. He is genuinely interested in you and not just interested in what he needs to know to do the job and receive payment…
My wife and I have discussed a few changes in our living trust with James Plitz and we think he has given us some very good advice. It has been a pleasure working with him.
Jim knows his business. I especially like how he gets back to us quickly with understandable explanations to our questions. I have recommended Jim to friends who have been equally pleased…
Jim is upright, honest, and outstanding at what he does. He works hard and tries to do the right thing by his clients.
Jim is a great resource for our trust. He is easy to contact, very knowledgeable, and patient. His personable manner makes it easy to discuss and resolve complicated issues. His explanations are relatable and down to earth. Thanks Jim!
James Plitz is the best! He is always there when you need him to help answer any questions about your Estate Planning. The Estate Planning that he does for you is outstanding! I lost my husband 4 years ago, and James was amazing in all the help that he gave me in navigating that process…
John and I first met Jim when we needed to update our Trust. He was knowledgeable, competent, and personable. However, I appreciated him much more after John’s death. He understood the grief! He walked me through the steps to divide and update the trusts…
I began my relationship with My. Plitz when he was in New Mexico and enjoyed the expertise and care he provided. I felt secure with him and had confidence in the consulting work he will continue to do on my behalf as he transitions to his own estate planning firm in Indiana.
It is my privilege to be working with Jim. From the moment we met, I knew that he was the person I wanted to represent me. He instilled a quiet confidence, excellent knowledge – trust and respect. I would always want Jim ‘in my corner’!..
Satisfaction Guaranteed – If you are not 100% satisfied with the service or process within 60 days of signing your estate planning documents, you will receive a full refund.