Medicaid Spend-Down Plans
If a person is ineligible for Florida Medicaid plans due to excess income or assets, that person may qualify for Medicaid by spending the income or assets for their care according to the guidance of a Medicaid lawyer in Florida.
There are strict rules that dictate what is allowable for a Medicaid spend down and what is disallowed. Money that is spent on disallowed items can be considered a “transfer” and can delay Medicaid qualification.
Qualified Income Trust
If you would otherwise qualify for Florida Medicaid plans, but have too much income, a Qualified Income Trust prepared by an expert Medicaid lawyer in Florida can allow you to become Medicaid eligible.
Administering a Qualified Income Trust for receiving the benefits of Medicaid plans in Florida involves a signed, written agreement, setting up a special account, making deposits into the account and paying certain expenses out of the account. This is a complicated legal process that demands the skill and experience of a qualified Medicaid attorney.
As with a Medicaid spend down plan, only certain expenses can be paid out of a Qualified Income Trust account.
Request A Consult!
Spousal Refusal Cases
If a spouse refuses to contribute his or her income or resources toward the cost of caring for a Medicaid applicant, the Medicaid agency is required to determine the eligibility of the nursing home spouse based solely on the applicant’s income and resources, as if the community spouse did not exist.
It is never too early to start Medicaid planning or how your estate is going to be handled after you pass away. It is better to create a plan now and make changes later, rather than wait until it is too late.
Create your plan with an experienced, educated and seasoned estate planning attorney. Marshall McDonald has over 30 years of experience as an estate planning attorney, CPA, and Medicaid Lawyer. Marshall will look at the big picture of your life and estate planning goals and work with you to create a plan that suits your needs.