Central and Southeast Ohio Medicaid Planning Lawyer

Many people set up Medicaid asset protection trusts so they can qualify for benefits to offset the burdonsome cost of long term care. A Medicaid asset protection trust is very different from a revocable living trust, which is what most people are familiar with. This special type of trust is often a crucial tool for an elder care lawyer to use in keeping the person’s assets out of the spend down category while still allowing the person to become eligible for Medicaid to help with their care costs. Assets help in a Medicaid asset protection trust don’t count toward the program’s asset limit.

However, Medicaid has a lookback period of five years from the date you apply for the program. When you submit your application, the government will check for all transfers made within the last five years. When there is a transfer within the last five years, there is a corresponding consequence or “penalty” imposed by Medicaid. Your elder care lawyer will be planning for that and incorporating a “remedy” into the plan they create to protect you and minimize or eliminate those penalties when there is less than five years to work with. Thus, it’s important to contact a Southeast and Central Ohio Medicaid planning lawyer soon to start the process.