Medicaid Planning Attorney in North & South Carolina
Navigating the Complexities of Elder Law & Medicaid Planning
Elder law and Medicaid planning can be challenging for seniors and their families, but they don’t have to be. At Collins Family & Elder Law Group, we have extensive experience in all aspects of elder law and Medicaid regulations and can advise on the timing and strategy to best meet your needs. Our Medicaid planning attorneys in North and South Carolina are committed to providing comprehensive and compassionate legal guidance to help you protect your assets, preserve your legacy, and make informed decisions regarding your future.
What Is Elder Law?
Elder law is a unique area of law that focuses on goals and objectives that meet the needs of older clients and their families.
Our attorneys use a variety of legal tools and techniques to help our clients in the areas of:
- Estate planning
- Medicaid crisis planning and application
- Medicaid estate recovery
- Long-term care, assisted living, and nursing home issues
- Retirement planning
- Issues surrounding paying for healthcare
- Estate proceedings
- Community resources
Medicaid Spend-Down Planning in North & South Carolina
Allocating and redistributing your finances as part of a Medicaid spend-down plan in NC or SC can feel overwhelming, especially when you still want to safeguard your assets without losing Medicaid eligibility. At Collins Family & Elder Law Group, our dedicated Medicaid planning attorneys in North and South Carolina help you create a personalized plan to manage your income and resources, ensure your financial well-being, and give you access to the care you deserve.
When Should I Get Started with Medicaid Planning?
Many people put off Medicaid planning until they qualify for it. However, this can be a costly mistake when it comes to caring for seniors and aging loved ones. Instead, the sooner you start planning, the better off you’ll be. That’s why working with an experienced Medicaid planning attorney in North or South Carolina is essential. Our attorneys can help you redistribute your assets and create a Medicaid spend-down plan to help ensure you qualify for the program when the time comes.
What Is the Medicaid Five-Year Look-Back Period?
One of the biggest challenges to qualifying for Medicaid services is the five-year look-back period. This happens when Medicaid looks at your financial records from the last five years before you applied to the program. If they find that you’ve transferred money, sold property, or redistributed assets to reduce your overall financial status, you may be disqualified from Medicaid coverage.
Converting Countable Assets to Non-Countable Assets
You can take a few different approaches to help reduce your assets so that you qualify for Medicaid. First, you can simply spend your money. Take large family vacations, dine at nice restaurants every night, or spoil your family on birthdays and holidays.
The best option is to convert countable assets into non-countable assets. This could mean putting your money toward a home remodel or even buying a new car to ensure your finances are low enough to qualify for the Medicaid coverage you need.
As you work with our Medicaid planning lawyers in North and South Carolina, you can discover different ways to convert your assets to maintain your Medicaid eligibility.
Medicaid Spend-Down Examples
Below are a few common items that can be included in a Medicaid spend-down in NC and SC. Depending on your specific situation, there may be other recommended options.
- Purchase a new home
- Renovate your existing home
- Make general home improvements
- Prepay funeral plans
- Take vacations
To learn more about the specifics surrounding SC and NC Medicaid spend-down rules, contact our experienced team today.
Protecting Your Assets
We know how important it is for you to protect your hard-earned money and assets, even when preparing for Medicaid coverage. That’s why our Elder Law and Medicaid planning attorneys in North and South Carolina are dedicated to helping you protect your assets and creating a Medicaid spend-down plan that fits your unique needs.
Consult an Experienced Elder Law Attorney
You can contact our experienced elder law and Medicaid planning attorneys in North and South Carolina to ask any questions you may have about Medicaid planning or to get the process started.
Meet the Attorneys
At Collins Family & Elder Law Group, we are focused on putting you and your needs first for any legal assistance you require. You can meet our team here to learn more about us and our incredible lawyers.
Read Our Client Reviews
We are dedicated to providing exceptional service in all areas of the law and fighting for the best outcomes for your needs. You can read reviews from our satisfied clients to see why we’re a top choice for elder law and Medicaid planning in North and South Carolina.
Medicaid Planning FAQ
Contact Collins Family & Elder Law Group
If you want to work with an experienced and compassionate estate attorney in North or South Carolina, Collins Family & Elder Law Group is here to help. Fill out our contact form to request a consultation or call us at (704) 289-3250 today.
How can a Medicaid planning attorney assist me?Our Medicaid planning attorneys can help you navigate the many complex and unique challenges that arise when applying for or receiving Medicaid. We help both individuals and families navigate the complex rules and regulations of the Medicaid program. Our experience lies in developing strategies to protect assets while ensuring eligibility for long-term care benefits. We provide guidance on trusts, transfers, and other legal tools to help clients successfully plan for their future healthcare needs.
Can I keep my home and still qualify for Medicaid benefits?
In many cases, yes, you can keep your home and still qualify for Medicaid. Most primary residences are considered “non-countable” assets, meaning they do not count when totaling assets for Medicaid eligibility. To be considered a non-countable asset, your home equity interest limit must fall below a certain threshold. This amount can change from year to year and may depend on your location.
Our attorneys can help you devise strategies for retaining your primary residence while seeking Medicaid benefits. Get in touch with us today to learn more.
What is a Medicaid asset protection trust?
A Medicaid asset protection trust (MAPT) is a type of trust that allows an individual to shield certain assets from being counted when it comes to qualifying for Medicaid. Medicaid eligibility is based on numerous factors, including “countable assets,” which must fall below a certain threshold. An MAPT can help you retain assets without having them count against you and, therefore, disqualify you from Medicaid coverage.
Can Medicaid planning be done even if I have assets?
Yes, if you have assets—regardless of their value—you can still benefit from Medicaid planning. In fact, working with a knowledgeable Medicaid planning attorney is especially recommended for those with considerable assets, including countable assets over $15,000 (or $30,000 if you are married), as planning considerations become significantly more complex with higher assets.