At The Law Firm of Bruce A. Danford, LLC, we help people in Broomfield and throughout the Denver metro area with a wide array of estate-related matters. One of the most significant is Medicaid planning. Here are three things you should know, if you or a loved one may ever need to enter a nursing home:
1. You May Need It To Make Ends Meet
Most people assume that when they are no longer capable of living on their own, they will smoothly transition into a nursing home for the remainder of their days.
However, this expectation is becoming an unattainable dream for many older adults due to the skyrocketing costs of care. It’s not unusual for a nursing home to cost $50,000-$100,000 a year — which is far more than most people can afford. That’s why Medicaid assistance is so critical. Unless you have a very significant amount of money set aside, you need to think seriously about how to qualify for Medicaid.
2. To Qualify, You Need To Plan Ahead
To be eligible for Medicaid assistance, you must have very limited resources. Since most people are not quite at poverty level, they do not qualify. The key is to redistribute assets — such as placing them in irrevocable trusts. This is where our experienced estate planning attorneys come into play. Our lawyers know exactly what it takes to help Colorado residents qualify for Medicaid.
3. It Is Too Complex To Navigate On Your Own
Did you know that Medicaid has a five-year “look back” period, and the wrong financial move during that period can disqualify you for assistance? Did you know that Medicaid rules differ from state to state? Did you know that those rules can change? For all these reasons and more, it pays to get skilled guidance from an estate planning professional.