With an average American expected to live almost twice as long as their counterpart a century ago, and the percentage of Americans expected to outnumber their younger counterparts by the middle of this century, services are being frequently geared toward Medicaid planning. As older Americans prepare for retirement, it is important to draw up clear plans to protect their life savings, and other assets that may prove to be very useful in view of their declining health, and the possibility of long-term care. Even if you are healthy today, medical emergencies can arise at any moment, so prudent Medicaid planning can help save you save significant sums of money, while keeping you protected.
Montana elder law is designed to assist seniors in a large and diverse array of legal tasks, including estate planning, power of attorney, Medicaid planning and appeals, creating trusts, and preparing for long-term care and death. Medicaid planning in Montana is best done in advance of the need for care by a Montana elder law attorney if you have assets valued over $50,000. This is because Medicaid has a 60-month look-back period in Montana. During the look-back period, an applicant cannot gift assets or sell them for less than the market value, violating this rule will result in a penalty period, making you ineligible for Medicaid benefits. The penalty period generally begins on the date the applicant applies for Medicaid, not from the date a disqualifying transfer was done.
Effective strategies for Medicaid planning
Montana Elder Law can help the healthy seniors with effective strategies for Medicaid planning in Montana with its specialized knowledge of the Montana elder law, its proper application process, and the necessary legal correspondence. This includes implementing a Medicaid Asset Protection Trust (MAPT) prior to the lookout period. This way, the senior client can avoid the penalty period for gifting assets, and the trust will protect assets for the non-Medicaid spouse. This way, MAPT ensures that your spouse can live independently, while your assets are protected, including your home. So, the state need not be reimbursed for your long-term care costs which are paid to you via the assets.
We can also help our clients with Medicaid planning in Montana that reduces your countable assets, while at the same time, protecting some of them for your family. Montana Elder Law has a spousal impoverishment rule in place which is intended to prevent the healthy spouse, from having too little from which to live. Our attorneys providing Medicaid planning in Montana help married couples with strategies that maximize the amount of assets the non-Medicaid applicant spouse is able to retain from the couple’s assets.
Cost-effective Medicaid planning services
Partnering with Montana Elder Law firm, that specializes in Medicaid planning in Montana, and Montana elder law, can be a very cost-effective than working solely with a Medicaid attorney. As a trusted medical law planner, Montana Elder Law firm is better suited for certain tasks, such as gathering supporting documents, successfully submitting and following up the application, and saving money of the applicant for their healthy spouse under Montana elder law. This is because these tasks are the focal point of the specialist medical law firm, while a medical attorney focuses more on the legal aspects of Montana elder law pertaining to Medicaid planning in Montana, such as creating qualified income trusts, or Medicaid asset protection trust.
Our attorneys providing you with Medicaid planning Montana also assist the clients with crisis planning, when they need medical benefits within 30 to 60 days. Montana Elder Law firm helps clients with enforceable fiduciary tools and resources to live well in their golden years.