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Medicaid Planning In Ohio

Long-term care is often both expensive and necessary. When the time comes that you need assistance, you want to have a plan in place to pay for the care. That’s where Medicaid planning can help. Our Central and Southeast Ohio Medicaid planning lawyer can help you qualify for the program without losing your assets. Then, you can still pass down assets to your beneficiaries without sacrificing care.
It’s important to start Medicaid planning at least five years before you’ll require care. Since you aren’t sure when that might be, it’s never too early to begin. Contact our Ohio Medicaid planning lawyer today for a free consultation.

Medicaid Eligibility

Medicaid will review your application to determine your eligibility. To be eligible, you must:
  • Be disabled or 65 or older
  • Meet the asset requirements
  • Meet the income requirements
Your Central Ohio Medicaid planning lawyer can help you meet the income and asset requirements. With the right strategy, you can transfer the assets and income out of your estate while still benefiting from it.

Medicaid Asset Protection Trusts

Many people set up Medicaid asset protection trusts so they can qualify for the program. This is an irrevocable trust, so you cannot modify or revoke it once you create it. In addition, after you transfer assets into the trust, they’re no longer part of your estate. Thus, they 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. Those transfers will count toward your estate. Thus, it’s important to contact a Southeast and Central Ohio Medicaid planning lawyer soon to start the process.

Medicaid-Compliant Annuities

Do you depend on annuities as part or all of your income? If so, your Central Ohio Medicaid planning lawyer will review them to make sure they’re Medicaid-compliant. Otherwise, the money will count toward your income and asset limits.

Medicaid-compliant annuities are non-transferable, fixed, and can only last during your lifetime. Also, you have to set up the annuities, so the money goes to the state of Ohio when you pass away. Consult with an attorney if you would like to add Medicaid-compliant annuities into your estate plan.

Income And Asset Limits

As of 2021, you cannot make more than $2,382 a month or have more than $2,000 in assets to qualify for Medicaid as an individual. If both you and your spouse are applying, your income limit is $4,764 a month, and the asset limit is $3,000. Even if you are well over the limit, your Ohio Medicaid planning lawyer can help. Consult with a lawyer today to find out how an irrevocable trust and other strategies can help you qualify.

What’s Considered Income?

The government counts all money that you receive as income. That includes pension, social security, stock dividends, and more. If you are unsure of how much income you earn, consult with an attorney. Your lawyer will go over your finances to determine the strategies necessary to help you qualify for Medicaid.

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