In this article, you can learn about:
- The roles of wills and trusts in Medicaid Planning.
- What to do if your application for Medicaid is denied.
- Why so many people choose to work with an attorney throughout the planning process.
What Is A Trust? Can It Help Me Qualify For Medicaid?
A trust is a legal agreement that gives authorization to another to manage assets within the trust on your behalf. The trust also identifies beneficiaries who would benefit during your lifetime or after you pass away. There are certain types of irrevocable trusts that can be used to assist someone in qualifying for Medicaid.
Can The Terms Or Inclusions In A Will Or A Trust Be Changed At Any Time?
During your lifetime and while you have the capacity to do so, you are able to make changes to your will or revocable living trust. You can make changes to your will through a codicil or by signing a new will. You can make changes to your trust by signing a trust amendment or restatement.
If I Have A Will, Do I Need To Have A Trust?
This ultimately depends on your estate planning goals.
For example, if one of your priorities is to avoid or minimize the probate court process, you should consider whether a revocable trust is right for you. It is also important to consider the nature and types of assets that you own.
What Can You Do If You Are Denied Medicaid Benefits? Can You Reapply Or Appeal The Determination?
If you receive a Medicaid denial letter, you should consult with a lawyer to evaluate your options. It is also important to understand that there are deadlines to keep in mind, such as to request a fair hearing to appeal the denial of the Medicaid application.
Why Is It Better To Begin Medicaid Planning With Your Firm Than Attempting It On Your Own?
There are many Medicaid regulations to navigate, including strict income and asset limits. Everyone’s situation is different, and they have different goals. There is no one-size-fits all solution to Medicaid planning. But when people attempt Medicaid planning on their own, they run the risk of making mistakes or missing out on planning opportunities that could have saved them thousands or even hundreds of thousands of dollars.
Working with an attorney allows you to benefit from the attorney’s experience. From ensuring that you meet the requirements for Medicaid benefits to exploring options for protecting your home and other important assets, an experienced lawyer can guide you through your available options.
For more information about Medicaid Law in Florida, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (813) 686-7175 today.