Leech Tishman has a thorough understanding of the complex challenges related to Medicaid, including the application process, considerations for qualifying for benefits, and other strategies to protect family wealth.
Because Medicaid is a needs-based program, families are required to pay for the service out-of-pocket unless the individual is approved. This level of care can be very expensive, affecting the individual’s wealth portfolio and diminishing their hard-earned assets. If the individual’s income level is too high, families often resort to “spending down” the assets in order to qualify for Medicaid.
With the help of a trusted attorney, it is possible to preserve financial assets and put a legal strategy in place to qualify for Medicaid sooner. Our attorneys provide counsel on how to best avoid this situation and implement a legal strategy designed to protect the individual’s financial assets.
We recommend consulting with our team years prior to the anticipated need of Medicaid services. If clients work with an attorney to put an early strategy in place, it is possible to preserve the majority of the estate without penalty. Leech Tishman’s Trusts & Estates team will guide you through the complex Medicaid process and provide you with an honest recommendation for your unique financial situation.
Our attorneys have counseled clients regarding specific Medicaid benefits, as well as requirements for approval.
Our team also provides advice and counsel regarding wealth protection strategies, including:
- Donating a portion of assets to a charitable organization
- Gifting valuable assets
- Moving assets into a trust, where it remains protected
- Pre-planning and crisis planning