Medicaid Planning and Elder Law
Michigan Medicaid Planning and Elder Law Attorneys
Kalamazoo and Grand Rapids Medicaid Benefits Lawyers
The costs of nursing home care for an elderly family member can quickly drain his or her financial resources. Most people will spend about $75,000 per year to pay for nursing home care. Through proper Medicaid planning, we can help you protect your financial assets, while remaining eligible for Medicaid.
You should never think that it is too late to plan for your future. Estate planning and Medicaid planning involve responsibly considering your needs and goals for the remainder of your life.
At Willis Law, we advise people about the process of applying for Medicaid when a person has assets in excess of that allowed for Medicaid approval purposes. Our Michigan Medicaid planning and elder law attorneys will sit down and determine the most appropriate strategy for you. Contact us to learn more about elder law and Medicaid planning.
Protecting Your Assets
There are a variety of methods to protect your assets when applying for Medicaid. While it is wrong to think that a viable way to protect your property is to give it away, there are a variety of correct tools available to convert property that Medicaid counts against you into otherwise non-countable property.
If you own property that is not exempted for Medicaid calculations, it is wise to speak to an elder law attorney about your estate planning and probate options. Property exempted for Medicaid calculations includes your primary residence, personal property and one automobile. If you own property in addition to that exempted property, our firm will assist you in qualifying for Medicaid by:
- Preparing an irrevocable Medicaid annuity trust
- Legal "spend downs" of your estate
- Properly transferring property
- Life insurance policies
Contested Guardianships and Conservatorships
Guardianships and conservatorships are other issues you must consider during estate planning. Who will make decisions for you if you are unable to do so independently? If you fail to name a durable power of attorney, a guardian and/or conservator will be appointed by the court for you in what may be a costly and lengthy court proceeding. We will assist you with creating powers of attorney and documents that spell out your intentions clearly. Later in life, contested guardianships can be tough, but with good counsel, the battle is winnable.
Contact a Kalamazoo Medicaid Planning Attorney Today
Contact one of our lawyers at Willis Law to schedule an appointment about your legal concerns. From offices in Kalamazoo, Grand Rapids and Paw Paw, we counsel people throughout Southwest Michigan, but have experience representing clients from Florida, to California to Canada.
Michael Willis is the contributing author for this content.