In the state of California, there are many people who need Medicaid when they reach an older age. While people usually do not like to think about these matters, it is better to always be prepared rather than caught without a plan when it is needed. Medicaid has continued to become more and more expensive in recent years, and there is no guarantee it’s cost in the future. It is because of this that it is important to prepare so you can make this process easier for yourself when the time comes. Continue reading below to learn more and contact an experienced California estate planning attorney for help during this time.
Why Should I Plan for Medicaid Coverage?
In order to receive Medicaid, individuals must be eligible. When determining whether or not a person qualifies for Medicaid, their asset history will be looked into. It is because of this that it is best to start planning for your eligibility at least five years prior. In doing so, be sure to establish a clear picture of your financial situation. This allows you to maintain your funds for future planning. Failing to prepare this properly can result in legal repercussions, such as certain fines.
Am Eligible for Medicaid in California?
In order to qualify for Medicaid in California, you must be a resident of the state, a U.S. national, citizen, permanent resident, or legal alien that is in need of healthcare/insurance help. Your financial situation must be characterized as either low income or very low income. You must also fall under one of the following categories:
- Be responsible for a child 21 years of age or younger
- Have a disability or a family member in your household with a disability
- Be 65 years of age or older
Can I Restructure Assets to Get Coverage?
When preparing your estate, it is possible to restructure your assets in a way that helps you receive Medicaid coverage. This can be done through the following options:
- Gift certain assets to family members or loved ones
- Create irrevocable trusts
- 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
- Consult an attorney regarding other restructuring method that may work for your specific situation
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office 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.