Medicaid planning is an important part of estate planning. An elder law attorney at Stayton Law, in Stayton, OR, discusses how Medicaid planning can benefit elderly people and their families. The firm provides legal advice and representation in elder law matters to clients throughout the Willamette Valley area.

Like tax and estate planning, Medicaid planning is a legal way to protect hard-earned assets. Nursing home care for an extended period can cost thousands of dollars monthly. People with limited resources can receive health services through Medicaid, including long-term care.

The law does not encourage people to give away their assets to receive Medicaid benefits. Medicaid assesses a penalty of up to five years after someone gifts an asset in an attempt to qualify for Medicaid long-term care benefits. But wise legal advice and proper estate planning can protect assets within the legal boundaries.

Options to protect an individual’s assets include a Medicaid funeral trust, which allows $1,500 for burial costs. Spouses can use the community spouse Medicaid annuity to split their resources, allowing one spouse to qualify for long-term care. Before applying for Medicaid, elderly people can enter into personal service contracts with family members to transfer assets. And elderly parents can invest in a child’s home to reduce their assets.

Medicaid planning is complex; each family’s situation is unique. A lawyer experienced in elder law and estate planning helps ensure the best outcome for their clients’ needs and goals. At Stayton Law, clients receive a thorough analysis of their circumstances in light of federal and state laws. Their attorneys use Medicaid and estate planning effectively to protect assets now and in the future.

Take the first step to protecting your assets by contacting Stayton Law, in Stayton, OR. You can trust members of this law office with your elder law and estate planning needs. Call (503) 769-7741 today, visit the website, and like them on Facebook.