How Much Does A Medicaid Lawyer Cost Medicaid Planning Costs The expenses associated with long-term nursing home care in South Florida are on the rise. Many individuals mistakenly believe that they possess too many assets to qualify for government assistance, leading them to pay for their long-term care out-of-pocket until their savings are depleted. However, with strategic Medicaid Planning, it is possible to secure financial assistance to cover the expensive nursing home care required by you or your loved ones without jeopardizing your assets. Medicaid Planning involves the utilization of legal tools and techniques to help individuals become eligible for Medicaid benefits. By engaging a Medicaid Planning Attorney, you can safeguard your hard-earned assets while still meeting the criteria for federal healthcare assistance. Hiring a Medicaid Planning Attorney should be viewed as an investment in asset protection and accessing entitled benefits.
Instead of assessing the cost of hiring a Medicaid planning attorney solely in monetary terms, it’s beneficial to consider the value they provide. If the Medicaid qualification process were straightforward and easy to follow, the need for a Medicaid Planning Attorney would be diminished. However, in reality, the risk of submitting inadequate documentation or incorrectly declaring assets can jeopardize your eligibility. In Florida, only a licensed Elder Law Attorney is authorized to practice Elder Law and Medicaid Planning. Here are some common questions about the expenses associated with hiring a Medicaid Planning Attorney and the benefits they offer.
FAQs About the Cost of Hiring a Medicaid Planning Attorney
- When should I seek help to qualify for Medicaid? Ideally, it is advisable to consult a Medicaid Planning Attorney at least five years before retirement. The process becomes complex when an individual’s income or assets exceed financial eligibility limits. Additionally, situations where one spouse requires long-term care while the other can live independently can complicate matters. Transforming incomes and assets into non-countable assets requires time and expertise, and an attorney can assist in dividing and transferring these assets effectively.
- Why should I hire a Medicaid Planning Attorney? Applying for Medicaid without a proper plan can lead to unnecessary delays if done too early or significant out-of-pocket expenses if done too late. Incorrectly structured assets may result in a denied application. Hiring a Florida Medicaid Planning Attorney ensures compliance with the law, expedites the process, and reduces administrative stress.
- What distinguishes countable from non-countable assets? Florida evaluates an individual’s income and countable assets to determine Medicaid eligibility. Countable assets include certificates of deposit, stocks, bonds, checking and savings accounts, non-homestead real estate, annuities, secondary vehicles, and life insurance with cash value exceeding $2500. Non-countable assets encompass a primary home and vehicle, income-producing properties, pre-purchased funeral plans, personal property, life insurance policies with no cash value, and up to $1,500 in cash reserved for burial.
- Do I need to sell my home to qualify for Medicaid? Your home may be considered a homestead under Florida law, making it an excluded asset for Medicaid qualification. An attorney can help structure your estate plan to protect your homestead from Medicaid recovery, ensuring it is not used to cover healthcare expenses upon your passing.
- What factors affect the cost of hiring a Medicaid Planning Attorney? Several factors influence the cost of hiring a Medicaid Planning Attorney in South Florida, including marital status, the applicant’s age, the age and health status of a spouse and children, the applicant’s financial status in terms of assets and income, the urgency of the application, receiving assets as gifts, and the presence of estate planning documents.
- How do Medicaid Planning Attorneys determine their fees? Attorneys’ fees reflect their expertise in helping families save money. They can charge a retainer billed on an hourly basis or a flat fee. Many clients prefer the latter for its predictability. In typical cases, attorneys may charge approximately one month’s nursing home bill for developing an asset and income protection strategy. Complex cases may incur higher fees. Most attorneys offer a free initial consultation, though some may charge a nominal fee.
- What is the difference between Medicaid pre-planning and crisis planning? Pre-planning enables you to identify solutions early, such as setting up trusts, drafting living wills, giving monetary gifts, or creating estate plans to qualify for Medicaid benefits. Crisis planning, on the other hand, involves sudden health emergencies, where a Medicaid Planning Attorney can provide necessary assistance.
Healthcare costs and the need for long-term nursing home care are often unpredictable. To safeguard your assets and prepare for the future, it’s crucial to explore Medicaid laws and benefits. The expense of hiring a Medicaid Planning Attorney may seem unexpected, but it is an investment in preserving your legacy and health, far outweighing the initial attorney fees in terms of value.
Trusted South Florida Medicaid Planning Attorney Hiring a Medicaid Planning Attorney is an investment in asset protection for your loved ones. With two decades of experience in Medicaid Planning, South Florida Attorney Barry D. Siegel at The Siegel Law Group, P.A., understands the importance of being prepared for life’s challenges. A knowledgeable Medicaid Planning Lawyer can guide you through the Medicaid process.
For a complimentary consultation with an experienced Medicaid Planning Lawyer in South Florida, contact us today at 561-576-6206 or 855-FLA-ESTATE.