Who Are Irrevocable Trusts Ideal For When Referring To Medicaid Planning?
An irrevocable trust for Medicaid planning can be ideal for a married couple or a single person. It’s ideal for anyone who wants to protect their assets from long-term care costs and who cannot qualify for long-term care insurance. These people know they need to do something and are not able to do the default thing most people would do, which is to purchase long term care insurance, because they either cannot medically qualify or cannot financially afford it. That person is an ideal candidate for an irrevocable trust.
Age demographics are a typical concern but generally speaking, people who are extreme savers and will never spend a certain amount of money can likely afford to create a trust sooner than later. People who want to have full control over their money and want to spend their money freely versus leaning on saving their money for future need are less likely to create an irrevocable trust sooner. They would likely create an irrevocable trust upon a diagnosis or initial symptoms pointing to issues that typically require long term care, such as Dementia, Alzheimer’s, Parkinson’s, Multiple Sclerosis, general weakness, Osteoporosis, or susceptibility to falls.
An irrevocable trust can be set up as late as age ninety for those who have a family history of everyone living late into their nineties. Financially speaking, an irrevocable trust will typically not make sense for people with less than $200,000 of cash or countable assets. For assets up to $200,000, crisis based Medicaid planning in the month you need it may be a better option to preserve your remaining assets, if you require long term care. People with over $200,000 will need to make a decision about how much of their assets they would like in an irrevocable preplanning Medicaid trust because you get a better result for planning ahead. You get more flexibility with the use of your money after your Medicaid is approved.
Medicaid counts the cash value of life insurance policies, non-qualified annuities, stocks, bonds, savings bonds, and so forth. Therefore, if you have a particular asset class that you do not want to liquidate under any circumstances, it’s a good idea to set up in irrevocable trust for those particular assets.
What Sets Your Firm Apart In Providing Medicaid Planning Services In Florida?
The difference between my firm and other firms who may set up irrevocable Medicaid planning is that my firm typically files five to nine Medicaid applications per month. Therefore, we deal with Medicaid and their internal attorneys and case workers on a consistent basis. We have a good pulse on how to construe legal language and financial set ups when administering these trusts. We also have the added element of having a licensed social worker on staff to help develop your long term care plans ahead of time. What sets us apart is we are a law firm that focuses on planning for you, if you ever need long term care.
For more information on Irrevocable Trusts For Medicaid Planning In FL, an initial consultation is your next best step. Get the information and legal answers you’re seeking by calling (904) 398-6100 today.
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