Medicaid planning involves years of preparation. To learn more, continue reading and reach out to our firm to speak with an experienced and dedicated Woodland Hills, California estate planning attorney.
Who is qualified for Medicaid planning in California?
There are several requirements that must be met to qualify for Medicaid in California. You must be a resident of the state, a United States national citizen, permanent resident, or legal alien that needs healthcare/insurance help. Additionally, your financial situation must be described as either low income or very low income. You must also fit into one of the following categories:
- Responsible for a child 21 years of age or younger
- Blind
- Pregnant
- Have a disability or a family member in your household with a disability
- Be 65 years of age or older
If you would like to learn more about your eligibility for Medicaid, do not wait to reach out to a skilled Woodland Hills, California estate planning attorney today.
When should I begin planning for Medicaid?
Because you must be eligible to receive Medicaid, you must begin planning in advance. The process of qualifying for Medicaid requires you to provide asset history that will eventually be looked into. As a result, it is critical that you begin planning for your eligibility in advance. By doing this, you can ensure that you have a clear image of your financial status, and you will be able to maintain your funds for your future planning. It is important to recognize that if you fail to prepare for Medicaid, you can end up with legal repercussions and fines.
Can I restructure my assets to obtain Medicaid coverage?
While you are preparing your estate, you may want to restructure your assets so that you can obtain Medicaid coverage. You can accomplish this by doing any of the following:
- Create irrevocable trusts
- Gift certain assets to family members or loved ones
- Transfer the title of the home to the beneficiaries who would receive it upon the decedent passing anyway
- Pay off debts and mortgages
- Make repairs to your home
- Prepay for your funeral expenses
Our firm recognizes that estate planning can be stressful, which is why you need to retain the services of a skilled estate planning attorney so that you can ensure that you and your future are protected. Our legal team is dedicated to ensuring that you have the resources you need to obtain medical care.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.
