There are many people throughout the state of California and the rest of the country who depend on Medicaid in their old age. While people do not usually like to think about insurance, specifically Medicaid, it is important to plan ahead so that you do find yourself unprepared. In recent years, Medicaid has become increasingly expensive and future healthcare is not always guaranteed. There are many things that you can do to prepare and make this process easier for yourself. Continue reading below to learn more about Medicaid planning and contact an experienced California estate planning attorney for assistance in doing so.
Should I Plan for my Medicaid Coverage?
It is beneficial to all people to start planning for Medicaid eligibility at least five years ahead of time. When determining if you qualify for Medicaid, your asset history will be looked into. You must establish a clear picture of your financial situation so that you can maintain your funds for future planning. If you fail to prepare yourself for this, it is possible that you can face serious fines and other legal repercussions.
Am Eligible to Receive Medicaid in California?
In the state of California, there are certain requirements that must be met in order to be eligible for Medicaid. To qualify, you must be a resident of California, a U.S. national, citizen, permanent resident, or legal alien in need of healthcare/insurance assistance. Your financial situation would be characterized as either low income or very low income. In addition to this, you must also be one of the following:
- 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
How Can I Restructure Assets to Get Medicaid Coverage?
You may do any of the following in order to restructure your assets to better your chances at receiving Medicaid coverage:
- 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.