Our Peoria elder law attorneys will assist you and your loved ones in taking advantage of Medicaid benefits in order to pay for long-term care. The cost of long-term care can be incredibly expensive. If you are facing the prospect of long-term care, Medicaid benefits may be an option to cover these costs.
However, in order to be eligible for Medicaid benefits, you must be able to show that you have "spent down" all of your non-exempt assets. Medicaid allows you to keep a certain small amount of value in certain types of assets without interfering with eligibility. These are called exemptions. You must spend all of your assets over and above exemption amounts before becoming eligible for Medicaid assistance.
The good news is that, with proper Medicaid planning, you may be able to transfer a significant amount of your assets to your family rather than spending these assets on long-term care. It is important to begin the planning process with our Peoria elder law attorneys as early as possible because Medicaid has a "5-year look back period" which complicates matters. Any transfers made to family members within 5 years of applying for Medicaid may result in a penalty period during with your eligibility for Medicaid will be delayed.
When you pass away, the state is obliged to seek repayment from your estate for Medicaid benefits paid on your behalf for long-term care. If you transfer assets like your family home to your loved ones within 5 years prior to your passing, these transfers can be undone and your family members may be liable for repayment of the proceeds.
Using estate planning tools like irrevocable trusts and life estate deeds, Our Peoria elder law attorneys can help you become eligible for Medicaid while retaining the use of your assets during your lifetime and allowing them to pass to your loved ones at your death without being consumed by long-term care or Medicaid repayment.