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Medicaid planning can help to protect assets

Nursing home care will become a fact of life for many Georgia individuals. While this type of care may be necessary, it does come with a hefty price tag. In fact, the average nursing home charges in excess of $8,000 per month for each resident. For those who have been diligent in their Medicaid planning, this may not be devastating news; however, for those who will be required to pay this expense on their own, the consequences can be substantial.

For those anticipating nursing home residency, or even those currently residing in a nursing home, proper Medicaid planning is essential to preserving one's assets. The first step in such preparation is making sure that the individual meets Medicaid eligibility qualifications. Many individuals fall short here because they have listened to friends and family rather than seeking professional advice.

Many times, the individual may decide that in order to preserve assets, it would be a good idea to go ahead and transfer those assets to a loved one. However, unless this transfer meets specific legal guidelines, it can place the individual's eligibility in jeopardy. Prior to undertaking such a rash move, one will want to discuss the ramifications with experienced legal counsel.

While proper Medicaid planning may not preserve all of the individual's assets, it can help to minimize the damage to the individual's estate. In fact, Medicaid eligibility does allow for the Georgia resident to retain a home, vehicle, pre-arranged funeral plan and other such assets. An experienced attorney can assist by reviewing the situation and making recommendations on how to best preserve the estate.

Source: thetimesherald.com, "Common questions about nursing home Medicaid eligibility", Matthew M. Wallace, Feb. 23, 2018

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At Hodges Law Firm, we handle a wide range of legal issues for clients throughout the Atlanta area, including elder law, estate planning, probate, Medicaid planning and protection, asset protection, litigation, and business law and services. We are knowledgeable in the law and understand the real life implications of legal actions.