Orlando Assisted Living and Medicaid Planning Attorney
No one likes the idea of getting older… unless they’re a teenager. Though you’re considerably wiser in your golden years than you were in your twenties and thirties, birthdays are still a sobering reminder that the day may come when you are unable to take care of yourself.
Unfortunately, the elderly years are when most people spend every penny of the estate it took them decades to build. If you live in a rest home and are taking a handful of expensive prescription medications, the cost of your care can devour everything you own very quickly. Rather than passing on your assets to children and loved ones, your possessions are usually liquidated and cashed in to pay for nursing home costs, assisted living costs, medication costs, and health care costs.
This is just one of the reasons people are so terrified of getting older. No one wants to be sick and penniless at the end of a life well lived.
Medicaid Advice from an Experienced Orlando Attorney
The good news is, it doesn’t have to be this way. With sufficient planning you can use your ounce of prevention, where your family preserves their assets, because you will become eligible for Medicaid when you need it most.
However, if you fail to plan, your family will have to use pound after pound of cure––paying through the nose and using everything you worked so hard to build in order to pay for your care–– until you become eligible for Medicaid. This probably also translates into placement in a less expensive––and therefore less desirable –– rest home.
At Pierce & Associates, we can guide you through your options and answer all of your questions regarding Medicaid planning and elder law. Consult us long before a Medicaid need arises or when you decide to place your aging parents or relatives in a home. We have straightforward answers and can advise you as to how best protect yourself and your family in your unique situation. The sooner you get in touch with us, the more we can help you.
Medicaid in the State of Florida
For eligible participants, Medicaid can cover costs of assisted living, nursing home care, health care, treatments, tests, and prescription drug expenses. The important part is participants must be income/asset eligible for assistance. Under current rules, in order to be eligible for Medicaid, you cannot have assets exceeding $2000.
However, Florida has certain exemptions:
- The home may be exempt as an asset if the individual applying for Medicaid expects to return to the home (especially if other family members are living there).
- The automobile may be exempt if the individual expects to return and use it following short term care
- Additional exemptions as regulated by Florida law
As experienced elder law attorneys, we know the most effective strategies for Medicaid planning. However, many of these options are only available several years before becoming eligible for Medicaid. For example, recent gifting of assets to children is not acceptable under Medicaid eligibility guidelines. "Look back" provisions from Medicaid will encompass any gifts or contributions made in the previous five years and those gifts will be counted in determination of eligibility for Medicaid.
Be proactive. Preserve your legacy. Use our expertise to protect yourself. To discuss elder law and estate planning needs with a skilled lawyer at our firm, contact Pierce & Associates today and we’ll get you started! Call us at 407-982-7228 or fill out our intake form online.