Medicaid Planning

What people believe the law to be and what it actually is often differs. A common myth plaguing elder care is you have to deplete all your assets in order to qualify for Medicaid. In fact, nursing home financial advisors may even say they’ll help you apply for Medicaid, when your funds for nursing home care run out. What you may not know, is nursing homes make more money from private pay than they receive from Medicaid. As a result, their apparent motives to help may not be in your best interest. What you’re not being told is that there are legal strategies to help you protect your assets, while still qualifying for Medicaid.

At the law firm of Schmitt & Coletta, Attorney James Coletta can help you navigate the complexities of Medicaid Law. You can rest assured his sound legal advice provides you with safe solutions within the boundaries of the law, while also protecting savings you’ve spent a lifetime creating. He’ll explain when the time is right to apply for Medicaid, as well as Medicaid rules regarding gifting, retirement annuities, reverse mortgages and other options available.

A reverse mortgage is a safe way to use the value in your home, while still maintaining ownership. Under Medicaid law you are permitted to gift a certain amount of money. Attorney Coletta will explain the conditions and monetary amounts in easy to understand language, dispelling the mystery and confusion surrounding gifting.

An annuity is an insurance company investment that provides set payments over a period of time, based on the sum invested. Some annuities are not considered liquid assets per Medicaid law; therefore, as a valid part of a retirement plan, such annuities may also help you qualify for Medicaid.

A law specialist in Medicaid planning can help you properly exercise your options and ensure you benefit, as you’re entitled. Reviewing your finances together, you and Attorney James Coletta will come up with a plan to address your unique situation.