Medicaid Lawyer Alexandria, LA
Health is a gift, but naturally diminishes with time. At Theus Law Offices, a medicaid lawyer Alexandria, LA families trust with their personal affairs, we are dedicated to providing legal services for those interested in minimizing the potentially crushing costs of medical care in the future. Specifically, we outline options for long-term care and the mechanics of affording these services. For some, transitioning into assisted living or nursing home care may arrive sooner rather than later. An Alexandria LA Medicaid lawyer from Theus Law Offices can suggest a timeline and plan to address protecting assets, as well as affording long-term care when needed.
Medicaid Asset Protection Trust
The intention of a Medicaid asset protection trust is to safeguard your wealth. Donating assets directly to chosen family members usually carries with it a hidden tax cost and may create unintended tax consequences for the recipient. At Theus Law Offices, a Medicaid law firm, we utilize legal strategies to safeguard assets and to protect beneficiaries from unnecessary capital gains tax. One such tool is an asset protection trust. Caution should be given to transfers made by a Medicaid applicant within five (5) years of the date of application for Medicaid qualification, as these transfers may be subject to a look-back period resulting in a significant penalty. Medicaid asset protection trust design, and transfers to the trust, should be guided by an experienced Alexandria Louisiana Medicaid lawyer from Theus Law Offices, if you feel that long-term care may be necessary in the future.
A caregiver agreement can be an effective way to obtain care that would otherwise not be covered under Medicaid, and if properly prepared will not trigger a penalty if the caregiver is a family member. For example, a chosen family member or friend could provide care for an elderly loved one, which would not be considered a gift or donation if terms of the caregiver agreement comport with current Medicaid rules and regulations. Compensation under the caregiver agreement would be paid prior to the date of the Medicaid application, which would help reduce countable assets that would otherwise disqualify the individual from Medicaid. As your LA Medicaid lawyer in Alexandria LA may discuss with you during a consultation, to be approved by Medicaid, a caregiver agreement must have the following features:
- A log must be maintained every day for the hours worked and the type of services performed
- The hours worked and services provided have to be specifically laid out in the contract
- The payment must be calculated through market rates for services in addition to a reasonable life expectancy
Assets transferred between spouses are permitted by law and are not subjected to a look-back period. In certain states, the spouse who is healthy may be allowed to refuse to financially support the other spouse. By refusing to provide support, the in-need spouse may then be eligible for Medicaid. However, as Medicaid is providing needed services, they can request contributions from the healthy spouse. Your Medicaid lawyer in Alexandria from Theus Law Offices can advise whether Medicaid may negotiate a lesser amount from a contributing spouse.
In general, most states do not allow the healthy spouse to refuse financially supporting the other, as both spouses’ monetary resources are considered when determining eligibility. Such is hte case in Louisiana where a community (healthy) spouse can own $128,640 in countable assets (as of 2020) without resulting in the disqualification of the institutionalized spouse.
Contact Theus Law Offices Today
If you want more information or assistance regarding Medicaid and elder/nursing home care, or other Medicaid planning related matters, please contact a Medicaid lawyer in Alexandria LA from Theus Law Offices today for answers you need.