Navigating Minnesota Medicaid Planning with a Minnesota Elder Law Attorney
The Value of Minnesota Medicaid Planning
Because Medicaid Planning can be overwhelming and confusing for those who aren’t legal professionals, we advise you to work with an experienced Medicaid Planning Law Firm. If there is a possibility that you might need nursing home care or in-home care, hiring a Medicaid Planning Attorney sooner rather than later will be most beneficial in protecting your assets. The expert Medicaid Lawyers at the Law Office of Neil P. Thompson will assist you with Medicaid eligibility while protecting your personal assets. Without Medicaid assistance, you will be responsible for paying for elder care out of your own pocket.
MINNESOTA ANNUAL MEDIAN COST OF CARE (2021)
|Adult Day Health Care
|Home Health Aide
|Assisted Living Facility
Do You Qualify for Medicaid in Minnesota?
According to Elder Law Medicaid Planning, individuals and families can gain access to health care resources that they might not have otherwise. To receive Medicaid benefits in the state of Minnesota, you must meet very specific requirements. You must:
- Be over the age of 65 years; or
- Be pregnant or have a child who is 18 years old or younger; or
- Be blind or disabled; or
- Have a child, parent, or spouse in your household who is blind or disabled; and
- Have an annual household income below a determined amount.
If you do not work with experienced Medicare Lawyers to carefully plan, the cost of in-home care or a nursing home might empty your family savings and other assets that you plan to leave to loved ones.
An expert Medicaid Trust Attorney from the Law Office of Neil P. Thompson will help you protect your hard-earned life’s savings. If you are located in or near Bloomington, MN call (612) 474-5665 for a free consultation.
How can a Medicaid Planning Attorney help me?
Medicaid Planning Law Firms help clients by using the available legal tools to protect your assets and providing for your family. They can also create plans that state your preferences on medical care and other issues if you become incapacitated for any reason. The Law Office of Neil P. Thompson can assist you with the following:
- They can create a power of attorney stating who will manage your assets and make decisions for you should you become incapacitated.
- They can create trusts to protect your assets and ensure that your beneficiaries are taken care of according to your wishes.
- They can assist you with creating a retirement plan so that you are financially secure when you are no longer working.
- They can put together a plan to protect your children by legally assigning a guardian if you no longer are able to do so.
It is never too early to start Elder Law Medicare Planning and secure the future for you and your family. The expert lawyers at the Law Office of Neil P. Thompson can help ensure that your assets are protected in the future. If you live in or near Bloomington, MN, call (612) 474-5665 for a free consultation.
How can I protect my assets and remain eligible for Medicaid benefits?
Medicaid is a federal program that sets forth the rules of implementation. Each state has their own interpretation on how those rules are implemented, so distribution of Medicaid benefits might look a little different from state to state. To qualify for Medicaid, there is a limit to the amount of assets a person can hold. Some assets, such as your personal residence, do not count. You need to plan ahead, because the government will look back five years for uncompensated transfers.
When it comes to Medicaid Planning, there are two types of trusts that Medicaid Planning Lawyers use to protect your assets while receiving Medicaid. One type of trust is a Family Income Trust, or a Medicaid Income Defective Grantor Trust (MIDGT). In this trust, the grantor retains the right to all income but cannot receive any other distributions. The grantor cannot be the trustee either. When the grantor dies, all assets go to the beneficiaries set forth according to the trust.
The second trust is a Family Discretionary Trust. In this trust, the grantor has no rights to any distributions. The trustee has the authority to make distributions to beneficiaries even while the grantor is alive. Again, the grantor cannot be the trustee. When the grantor passes away, all assets will be distributed to the beneficiaries according to the plan set forth in the trust.
If you are ready hire a Medicaid Planning Attorney, you should contact the experts at the Law Office of Neil P. Thompson. If you live in or near Bloomington, MN, call (612) 474-5665 for a free consultation.
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