What is Medicaid Estate Planning?
Medicaid estate planning enables long-term care applicants to achieve the asset threshold required by Medicaid to be eligible while also lawfully preserving assets (also known as resources) for family and loved ones to be inherited in the future. Medicaid applicants might believe they have little estate wealth to preserve and pass on, but this would be incorrect. Everybody has an estate, including Medicaid recipients.
Medicaid planning differs from estate planning
Estate Preparation
With the help of estate planning, people can organize their estate in a way that protects and maintains their assets for designated beneficiaries while also reducing the estate taxes that those beneficiaries will be responsible for. An estate plan essentially lays out a strategy for what one wishes to happen to their estate once they pass away.
A will is drafted as part of an estate strategy. In a will, a person specifies how they want their estate to be divided after death. To handle a person’s residual estate and make sure the deceased person’s desires are fulfilled, a “executor” is named. Additionally, a durable power of attorney for finances is set up. This is a legal document that appoints a representative to act on their behalf in the event of mental incapacity. To reduce estate taxes, trusts can be created in the beneficiaries’ names; alternatively, donations to charities can accomplish the same thing. Not every estate planning technique is suitable for Medicaid planning. Planning for the potential need for long-term care Medicaid, though, should be a part of estate planning.
Medicaid Preparation
With Medicaid planning, assistance may be given with the application process for Medicaid and the gathering of necessary paperwork. The major objective is to expedite the Medicaid financial eligibility procedure in order to maximize benefits and lower long-term care costs.
Although Medicaid has income and asset limits for eligibility, exceeding the limit(s) does not automatically exclude one from receiving benefits. Implementing techniques to bring income and assets under the limit(s) without endangering one’s Medicaid eligibility is an aspect of Medicaid planning. Additionally, Medicaid planning can help applicants shield their assets from Medicaid’s estate recovery program and leave them as an inheritance to their family instead. As a result, Medicaid planning should include estate preparation (in some capacity).
Medicaid Estate Planning Attorney Free Consultation
If you have any questions or in need a Medicaid Estate Planning Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
We help you with Medicaid Estate Planning, Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
When you need a Lawyer, contact this law firm:
Parklin Law
Springville, Utah
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Springville, Utah
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Main Street with the snowy Wasatch Mountains in the background
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| Nickname:
Art City
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Location in Utah County and the state of Utah
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| Coordinates: 40°9′46″N 111°36′15″WCoordinates: 40°9′46″N 111°36′15″W | |
| Country | United States |
| State | Utah |
| County | Utah |
| Settled | September 18, 1850 |
| Incorporated | April 4, 1853 |
| Named for | a local spring |
| Government | |
| • Mayor | Matthew Packard |
| Area | |
| • Total | 14.39 sq mi (37.28 km2) |
| • Land | 14.34 sq mi (37.15 km2) |
| • Water | 0.05 sq mi (0.13 km2) |
| Elevation | 4,577 ft (1,395 m) |
| Population
(2020)
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| • Total | 35,268 |
| • Density | 2,459.41/sq mi (949.34/km2) |
| Time zone | UTC−7 (Mountain (MST)) |
| • Summer (DST) | UTC−6 (MDT) |
| ZIP code |
84663
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| Area code(s) | 385, 801 |
| FIPS code | 49-72280[2] |
| GNIS feature ID | 1446057[3] |
| Website | www |
Springville is a city in Utah County, Utah that is part of the Provo–Orem metropolitan area. The population was 35,268 in 2020, according to the United States Census.[4] Springville is a bedroom community for commuters who work in the Provo–Orem and Salt Lake City metropolitan areas. Other neighboring cities include Spanish Fork and Mapleton. Springville has the nickname of “Art City” or “Hobble Creek”.
What Is Medicaid Estate Planning?https://t.co/T0wYmUFTPJ
— Ruby Norta Gumapac (@NortaRuby) November 29, 2022
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