Asset Protection against Medicaid – Crisis Planning
Massachusetts Crisis Planning Attorney
Inevitably, some seniors will not have an opportunity to engage in advance asset protection planning. If you or your loved one is in a nursing home or think you may need to go very soon, you must remember that crisis asset protection planning is available.
Our goal in crisis planning is to preserve and protect as much income and assets as permissible under the law for the benefit of the senior in crisis (and the spouse if married).
One of the challenges of crisis planning is overcoming the false presumption that seniors and their families have that it is too late to engage in asset protection planning.
The Myths of Crisis Medicaid (MassHealth) Planning
- It is too late to do planning: False
- It is never too late to preserve and protect assets. Too often, seniors and their families rely upon the advice of the Nursing Home staff that they need to spend-down all their money on the nursing home before the senior may qualify for Medicaid (MassHealth) benefits. Given that the Nursing Home stands to gain most from you unnecessarily spending your hard-earned assets on the Nursing Home, it should come as no surprise that they do not advise you to see a Qualified Elder Law Attorney.
- The Nursing Home will do your MassHealth Application for Free: False
- The Nursing Home often says that it will do the Medicaid (MassHealth) application for free or for some low fee of a few hundred dollars. False! The fact is that the Nursing Home will require that you spend down all of your savings before they do the application for “Free”. If you had to spend down tens of thousands of dollars on Nursing Home costs, can you really say the application was “Free”?
- I will never qualify for Medicaid (MassHealth) – I have too much money: False
- You cannot make an informed decision about when you might qualify for benefits until you speak to a Qualified Elder Law Attorney. The fact is that every senior deserves to know the facts before making an informed decision about their long term care costs.
- Planning requires ‘hiding’ assets or engaging in illegal acts: False
- Nothing could be further from the truth. The fact is that a Qualified Elder Law Attorney will disclose all planning strategies directly to Medicaid (MassHealth) during the application process. The planning is lawful and you have every right to take advantage of your rights under the law. Just as folks have the right to employ a CPA to save tax dollars, seniors have the right to employ Attorneys to save assets in the Medicaid (MassHealth) process.
- Planning is unnecessary – the nursing home covers everything: False
- By shielding assets and income, we can help ensure that married clients protect their spouse at home against impoverishment.
- For unmarried clients, we ensure that they have rainy day funds to supplement their quality of life for the rest of their lives.
- The fact is that Nursing Homes do not cover all of the needs of our clients. Our clients in Nursing Homes enjoy a much higher quality of life than those residents who failed to save assets.
- I am already protected because MassHealth won’t count the assets in my spouse’s name: False!
- MassHealth counts assets in both your name and your spouse’s name. Likewise, most assets owned jointly with 3rd parties (children, for instance) are also fully countable to the elder in the MassHealth process. Asset Protection that yields real results requires the advice of a Qualified Elder Law Attorney like us.
Save Your Primary Residence in a Crisis
Without careful planning, Medicaid can require the sale of your home or record a lien on your home. Depending on the senior’s individual circumstances, we are often successful with saving your home. We work to prevent a forced sale or prevent a lien where possible. The key is that you take swift action to engage our expertise on your side.
Mobilize Our Team If You Are In Crisis
With three attorneys and four paralegals, we our uniquely positioned to immediately mobilize our team and resources to help you in a crisis.
Many clients come to us when an elder is hospitalized or already in a nursing home for rehab or long term care. Sometimes the elder is already paying privately for nursing home care (often more than $400 per day!). They assume wrongly that the elder must spend down their assets on private nursing home costs. With our careful planning, we can stop the private pay to the nursing home, protect assets for the elder’s benefit, and qualify the elder for Medicaid to pay the nursing home costs. Time is of the essence – that is why our team of attorney specialists can best serve you.
Contact a lawyer at Curley Law Firm LLP today by calling toll-free (866) 406-8582 or contacting us through our Intake Form.