Elder Law Resources:

The Attorney’s Role In Medicaid Planning

Do you need an attorney for even “simple” Medicaid planning? This depends on your situation, but in most cases, the prudent answer would be “yes.” The social worker at your mother’s nursing home assigned to assist in preparing a Medicaid application for your mother knows a lot about the program, but maybe not the particular rule that applies in your case or the newest changes in the law. Also, your goals may differ from that of the facility. For example, the goal of the facility is to get the Medicaid application granted. While you share that goal, you may have additional goals of asset protection that is not of concern to the facility.

In addition, by the time you’re applying for Medicaid, you may have missed out on significant planning opportunities. The best bet is to consult with a qualified professional who can advise you on the entire situation. At the very least, the price of the consultation should purchase some peace of mind. And what you learn can mean significant financial savings or better care for you or your loved one. As described above, this may involve the use of trusts, transfers of assets, purchase of annuities or increased income and resource allowances for the healthy spouse.

If you are going to consult with a qualified professional, the sooner the better. If you wait, it may be too late to take some steps available to preserve your assets.