MEDICAID AND MEDICAID TRUSTS
Proper planning is vital to ensure your eligibility for Medicaid.
Medicaid and Medicaid Trusts both play a role in how you are able to receive your benefits and are one of the pieces to how you best plan for your long term care. Let’s take a look on how this will directly benefit you.
THE DEFINITION OF MEDICAID
MEDICAID AND HOW IT AFFECTS YOU IN INDIANA.
According to the SSI office, “Medicaid is a jointly funded, Federal-State health insurance program for low-income and needy people. It covers children, the aged, blind, and/or disabled and other people who are eligible to receive federally assisted income maintenance payments.”
There are many variables that go into how Medicaid benefits are awarded, who can qualify and if Medicaid coverage can be received if a SSI (Social Security Income) benefits are received.
LET'S TALK TODAY!
Our Firm Looks Out For Our Clients
How Does A Recipient Qualify?
There is a laundry list of what someone must do to become a receipt but let’s start with the basics:
- You Still Need Medicaid To Work
- Still Be Disabled
- Have Been Eligible for A SSI Cash Payment for at Least (1) Month
- And Have Earned Gross Income that is Insufficient to Replace SSI, Medicaid or other public funding assistance.
Considering just this year, we have gone through many changes involving how states can design their programs, you must be proactive as a senior or as the adult children of a senior that might participate in Medicaid.
WHAT AFFECTS YOUR MEDICAID MATTERS ON WHAT INDIANA STATE LAW DICTATES.
We Look To Be Your Indiana Elder Law Experts And Use Various Tools In Your Plan.
Looking to trusts and how they play a role in planning for your future is vital, especially when discussing Medicaid planning.
As we age we need to look close at what our long-term needs will look like both from a physical and financial standpoints.
HOW WE APPROACH MEDICAID IN INDIANA
LOOK TO UTILIZE MEDICAID AND MEDICAID TRUSTS IN THE RIGHT WAY.
Things to discuss with your Elder law attorney would be how a Medicaid Trust can help you both preserve the assets you have as well as ensure Medicaid eligibility. The attorneys at Jeff Jinks Law look at the terms in which the trust is created, various planning around the value, costs of administration and the nature of assets that will be protected.
Other Items To Consider Around The Creation of a Medicaid Trust:
Asset Transfers: When looking at when the assets in your trust would be transferred to others, the goals need to be outlined.
Proper Type Of Trust: There are apparent differences when it comes to the trust you use when planning for Medicaid. In this case, it is irrevocable, meaning the terms are rigid and giving away control is a concern.
Income Limits: Looking at how much you earn in income can create a disqualification with Medicaid and varies state to state as well as looking at the care you will be given such as nursing home versus another living arrangement. This point is closely related to how excess income can be used in other various planning tools such as a Miller Trust.
In conclusion, you and your family need to have the proper expectations and resources to minimize conflicts both in the planning and execution of your Medicaid plan.
To schedule your consultation around your Medicaid situation, please contact an Indiana elder law attorney from our firm today!
LET'S TALK ELDER LAW TODAY!
We Speak Elder Law In The Simplest Way Possible.
WEBSITE USE AND DISCLAIMER. By using this site, the User understands and agrees that Attorney Jeffrey J. Jinks is licensed only in the State of Indiana and information on the site may not be valid in other jurisdictions. All information is for information purposes only and is not legal advice to the user.
No attorney client privilege or relationship is created by the use of the site or the transmission and receipt of information without an express agreement between the user and Attorney Jeffrey J. Jinks. The information on the site should not be relied on, and the user should take no action, nor refrain from taking action, without first seeking legal or other professional advice for their specific situation. Do not send confidential information through this site, nor through email.
Any links to other sites are intended as possible aids to the user and are not intended or implied that the firm sponsors, is affiliated or associated with, endorses or is legally authorized to use any any trade name, mark, logo, seal or copyrighted symbol that may be reflected in the links. Those sites are not under the control of Attorney Jeffrey J. Jinks and he is not responsible for the content on or through those sites.
The information on this site may not reflect the most current legal developments, verdicts, case law, code revisions, regulatory updates, private letter rulings or other changes in the law and is not guaranteed to be correct, complete or up to date. The information on this site should not be taken as a promise, guarantee or indication of future results or benefits.
IRS CIRCULAR 230 NOTICE. We are required by Treasury Regulations (Circular 230) to inform you that, to the extent that this communication concerns federal tax issues, this communication (including links, attachments and enclosures) was not written or intended to be used, and cannot be used, for (1) avoiding federal tax penalties, or (2) promoting, marketing, or recommending to another party any transaction or matter addressed herein.