Fullerton, PA Medicaid Planning Lawyer
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If you live in Fullerton, Pennsylvania, and you are nearing retirement (or already enjoying it), Medicaid planning should be high on your priority list! Even if you are in great health now, the possibility of needing to enter a nursing home at some point in the future is high; doing so is expensive, and Medicaid planning can help you prepare for those costs. Our experienced lead Fullerton Medicaid planning lawyer is a lifelong Lehigh Valley resident who can explain how the process works, guide you every step of the way, and ultimately ensure that your hard-earned savings will be protected. Call today to book your free consultation.
What Is Medicaid Planning?
Medicaid planning is a legal way of protecting your assets from the costs of long-term care; specifically, shielding them ahead of time using tools such as trusts so that they don’t count against your eligibility when you go to apply for Medicaid, a government financial aid program that can help pay for nursing home expenses.
Why Is Medicaid Planning So Important?
Medicaid planning is important because the costs of long-term care are so astronomical. However, not many people realize this! In Pennsylvania, for example, the average cost of a room in an assisted living facility is $42,660 per year. That amount isn’t covered by Medicare; it is also not covered by most private health insurances. Without an alternative form of coverage, seniors in Fullerton (particularly those on fixed or low incomes) have four options:
- Use their life savings or the inheritance they planned to leave to their children and grandchildren to pay for care.
- Go into debt to pay for care.
- Become a financial or practical burden to their families, who will have to come up with the costs of care or take them in their own homes.
- Go without the care they need because none of the above options are available and they can’t afford it.
None of those options are desirable or should be acceptable for seniors who deserve to live out the last decades of their life in peace, rather than stressed over money. Medicaid can assuage those worries, but Medicaid has strict income and asset requirements. Many seniors find themselves in a difficult position of having “too much” money to qualify for Medicaid, but not enough money to afford a nursing home.
When you work with our Fullerton medicaid planning lawyer, Joshua N. Daly, he can convert your assets from “countable” to “noncountable” – essentially making sure that you still have access to them, but taking them out of your name so that they don’t count against you when Medicaid looks at your finances. There are various tools, such as annuities, irrevocable trusts, and more that can be used to accomplish this.
When Do You Need To Start Medicaid Planning?
Medicaid considers any asset transfers or gifts made within 5 years of applying to count towards your eligibility. This is known as a “look back” period. If you wait until you need to enter a nursing home to apply for Medicaid, there is a good chance that you will not be able to qualify; you need to start planning at least 5 years in advance. Because none of us know what the future will hold or when we might need to enter a nursing home, it’s in your best interests to start working with a Fullerton Medicaid planning lawyer as soon as possible. Anytime after you hit 60 is generally a good time to start planning ahead for this specific need!
Call Our Fullerton Medicaid Planning Lawyer Today
Medicaid planning can be a confusing process, and the application can be complex – it requires extensive legal knowledge, which we have! At Daly Law Offices, we can work with you to simplify the way forward so you and your loved ones can have peace of mind. Fullerton Medicaid planning lawyer Joshua N. Daly has over 15 years of experience with Medicaid law. He is a member of the National Academy of Elder Law Attorneys (NAELA), Pennsylvania Association of Elder Law Attorneys (PAELA), and was awarded the Lawyers of Distinction award for 2022. He can give you an unmatched level of dedicated legal service that can make a difference! Don’t wait until it’s too late – call now to book a free consultation and learn more about your options.
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Fullerton, PA Practice Areas
Worked together on a relative’s Estate Planning. Very easy to work with and knowledgeable. So glad we chose Josh. Thank you.
Josh we wanted to take a moment to thank you from the 3 of us from the bottom of our hearts. You are a gift and you have such a gift in what you do and they way you actually do it.
A total class act with the perfect personality for your profession. We can’t tell you enough how much we appreciate you and honestly thank so much. And it won’t be the last you see of us. Much Appreciation. The Stine/DiGiovanni family
*We highly recommend Joshua Daly for Elder Law, wills, etc. This is something that people don’t know what can happen when your parents pass away or what to do. Josh helps prevent as much as you legally can the home and assets being taken by elder care home and/or govt.
What a great experience on a subject people don’t like to talk about but is so important. Josh makes this process pleasant. We are recommending Josh to all our friend and family and friends. Everyone should get their ducks in a row. I am glad we met Josh & finally did this!
Thank you Josh
Why Choose Us?
14+ Years Of Experience
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