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Wichita Medicaid Planning Lawyers
A Wichita Medicaid planning lawyer at Larson, Brown & Ebert works with the elderly and their families in the Wichita area to preserve and protect an older person’s property, income, and assets and to ensure an older person does not lose eligibility for Medicaid benefits.
It’s never too soon to begin Medicaid planning, which can help preserve a lifetime of hard-earned savings from the soaring costs of nursing homes and long-term care. A Wichita Medicaid planning attorney at Larson, Brown & Ebert, P.A. can advise you about the Medicaid planning process.
To qualify for Medicaid benefits in Kansas, you must be a Kansas resident, a U.S. citizen or eligible immigrant, and meet strict asset and income limits. Eligibility is generally restricted to seniors (65+), children, pregnant women, and those with disabilities.
Why Plan for Medicaid?
A nursing home in Kansas costs $7,750 to $8,200 per month for a semi-private room; a private room may cost more than $9,000 per month. Without proper planning, long-term healthcare expenses can rapidly consume most people’s savings and assets.
At Larson, Brown & Ebert, P.A., a Wichita Medicaid planning lawyer can include your Medicaid plan as part of a comprehensive estate plan that provides you with maximum benefits and provides your family with lasting financial security.
After a thorough appraisal of your financial situation and personal circumstances, Larson, Brown & Ebert, P.A. can help you preserve and safeguard your savings and assets. We can help you develop a plan for the long-term care you may need.
What Does Medicaid Provide?
The Medicaid program offers free or low-cost health coverage to qualified applicants. The federal government establishes guidelines and provides part of the funding for Medicaid, and the states manage the program.
This cannot be stressed strongly enough: Giving away your property or savings to reduce your assets is not the way to qualify for Medicaid. A Wichita Medicaid planning attorney at Larson, Brown & Ebert, P.A. can suggest a more effective and less risky strategy.
Assets that you transfer, liquidate, or give away within the five years before you apply for Medicaid will still be counted as yours for purposes of Medicaid eligibility. This is why you should plan early for Medicaid, at least five years before you may need long-term care.
Should You Establish a Medicaid Trust?
Two types of irrevocable trusts can qualify you for Kansas Medicaid (KanCare) benefits while protecting your income and assets: Medicaid Asset Protection Trusts (“MAPTs”) and Qualified Income Trusts (also called “Miller Trusts” or “QITs”).
A Medicaid Asset Protection Trust shields your assets from being counted toward the Medicaid resource limit ($2,000 for a single person). You must create the trust at least five years before you apply for Medicaid to avoid penalties under Medicaid’s five-year “look-back” rule.
If your monthly income exceeds the Medicaid eligibility limit, a Qualified Income Trust allows you to transfer income above the monthly limit into the trust to become eligible for Home and Community-Based Services (HCBS) waivers or nursing home care.
Your Medicaid planning lawyer can ensure that the language in your trust document is easy to understand and compliant with Kansas law, that nothing is overlooked, and that you consider your planning options thoughtfully and thoroughly.
Let Larson, Brown & Ebert Assist You With Medicaid Planning
Other Medicaid planning strategies may involve long-term care insurance, annuities, or other financial and legal tools. Your Medicaid planning lawyer at Larson, Brown & Ebert, P.A. can help you with the details of the Medicaid planning strategy that’s right for you.
Medicaid planning requires the guidance and services of an experienced Medicaid planning lawyer who puts your needs and concerns first. The legal team at Larson, Brown & Ebert, P.A. can assist with the Medicaid planning you and your family need.
Call Us to Learn More
When you become one of our clients, we can discuss your needs, finances, and options and offer advice regarding every aspect of Medicaid planning. Larson, Brown & Ebert provides estate and Medicaid planning services to families and individuals throughout the Wichita area.
To find out more about our estate planning services or to begin the Medicaid planning process, contact Larson, Brown & Ebert, P.A. by calling our offices at 316-530-8621 to schedule your first consultation with our Medicaid planning professionals.