Medicaid Crisis Planning is necessary when an individual is already in an Assisted Living or a Skilled Nursing Facility and paying for their own care, or will be entering an Assisted Living or Skilled Nursing Facility within a short period of time and will need to qualify for Medicaid ICP (Institutional Care Program) Benefits in order to protect as much of their income and assets as possible. Medicaid post-crisis planning is necessary in these situations due to the absence of any form of pre-planning. Medicaid post-crisis planning would be necessary in the event that there is either too much income or too many assets, or both, preventing an individual from qualifying for Medicaid ICP Benefits.
Through the use of techniques such as: “Medicaid Spend Down Avoidance” Annuities, Qualified Income Trusts, Special Needs Trusts, Personal Service Contracts, and other strategies, an individual may qualify for Medicaid ICP Benefits, while at the same time preserving as much of the family’s assets and income as would be legally possible.
We have years of experience in helping our clients address these types of scenarios. Please consider us a valuable resource in helping your family navigate a Medicaid Crisis.
If you or a loved one are now, or will soon be, experiencing a long term care crisis and would like to discuss your crisis planning options, please refer to the “Contact Us” section of our website. We welcome the opportunity to sit down with you to discuss your crisis planning needs.