Helping Clients Have the Funds They Need as They Age

North Carolina residents often don’t realize the full extent of the Medicaid benefits for which they qualify. Even if they understand Medicaid eligibility and want full Medicaid coverage, many people struggle to apply due to the complex and ever-changing Medicaid rules. The good news is that you don’t have to lose eligibility or benefits when you hire a Medicaid planning lawyer to assist you.

Our experienced Medicaid planning attorney at Compass Estate and Tax Planning has helped countless individuals and families achieve their goals through Medicaid planning. We can help you structure your finances to give you the best chance of qualifying for full Medicaid benefits. Our legal team is also available to handle various elder law issues that may arise, including guardianship, trusts, estate planning, wills, and more.

When you or a loved one is ready to plan for the future, please don’t forget to include applying for Medicaid as one of your primary financial resources. We’ll help ensure you have the security and quality of life you deserve. Attorney Steven Lundberg will stand by you in matters such as asset protection, estate planning, and more. Call 919-646-6549 to speak with us about your legal needs today.

Why Is Qualifying for Medicaid Important for North Carolina Residents?

After working your whole life to build a secure future and a legacy of wealth, you should take action to protect your assets. Too many people risk losing their life savings, their homes, and their way of life due to a lack of planning. Planning, including applying for Medicaid, can ensure you have the necessary funds to support yourself and your family.

Additionally, waiting until you’re ready to apply for Medicaid without planning can be a dire mistake. North Carolina’s laws “look back” for five years, meaning that asset transfers made before the Medicaid application may be subject to scrutiny. This can impact your eligibility and become quite costly for you and your family members.

Another reason Medicaid is so important is the rising costs of health care in NC and around the country. Failing to plan for the likely event that you’ll need nursing care can lead to financial devastation for you and your loved ones. Don’t risk the wealth that you’ve worked so hard to build. Our services protect assets and Medicaid eligibility on behalf of our clients. Call 919-646-6549 today to learn how we can help you.

How Do I Qualify for Medicaid In North Carolina?

Qualifying for Medicaid can be confusing, with nuanced laws that seem to be in constant flux. Medicaid is intended for low-income individuals and families. Laws prohibit the use of funds for individuals and couples who earn more than a specified maximum income limit. Further limits include a maximum value of countable assets for individuals and couples. However, certain assets, such as the family home, jewelry, and a vehicle, are not typically considered countable resources. However, they may be available for estate recovery. 

With the many long-term care benefits of Medicaid, it’s understandable that North Carolina families want to take advantage of the available funds. Your Medicaid planning lawyer can assist you in unloading excess assets. However, remember that the law contains a look-back period of five years, so asset transfers must occur early on and must comply with certain rules.

Attorney Lundberg can provide a detailed analysis of your financial situation to ensure you meet the eligibility criteria, especially when transferring assets prior to applying for Medicaid. We’ll do everything possible to help you qualify for Medicaid assistance, including covering skilled nursing costs.

Why Do I Need a Lawyer for Medicaid Planning?

With the complicated nature of North Carolina Medicaid laws, it can be tricky to know whether you are eligible or how to apply, but you shouldn’t let this discourage you. Since many individuals require nursing home care in North Carolina, obtaining assistance through Medicaid will likely be crucial for your family’s financial well-being.

When you hire a trusted Medicaid planning lawyer like the Compass Estate and Tax Planning team, you can access the many tools available to qualify for Medicaid benefits, including:

• Trusts – Creating an irrevocable trust is one option many families use to access Medicaid benefits. Please consult with an estate planning lawyer before making an irrevocable trust, as these legal documents are extremely difficult to change once created.
• Gifts to loved ones – While many people think that gifting assets to another person eliminates the asset from their estate, this is a common myth. Unless you gifted the item before the five-year period or used certain gift-giving strategies, your assets may still count against you for Medicaid eligibility requirements.
• Real estate – Your home will likely not be counted against you when applying for Medicaid, but you may still need to transfer your home or another piece of real estate to avoid estate recovery. Your lawyer can help with this process to ensure you are eligible for Medicaid coverage.

Should You Hire Our Medicaid Planning Attorneys in Cary, North Carolina?

If you or a loved one will require long-term care or another form of skilled nursing care, you may wonder how you will manage the high costs of these services. Indeed, rising costs are causing suffering among many families in North Carolina. Health care expenses as you age can eat away at your retirement and the inheritance you intend to leave for future generations. Don’t suffer needlessly. You may be able to use Medicaid as a powerful tool to provide for yourself and leave a legacy of generosity to your beneficiaries.

Medicaid planning involves in-depth knowledge of NC and federal law. You’ll need to demonstrate that you deserve these funds based on your financial situation, income, and current assets. We can assist with these complex matters by evaluating your circumstances and advising you on the best course of action. You can trust Attorney Lundberg for honest legal advice based on years of experience.

Please don’t go it alone when there’s so much at stake. Call 919-646-6549 now to consult with our Medicaid planning lawyer. We’ll discuss your unique needs and see how we can help cover skilled nursing costs. You can rely on us to protect your assets from Medicaid.