South Dakota Medicaid Planning Lawyers

Helping Clients Make Smart Decisions About Long-Term Care Costs for Over 30 Years

Roughly half of Americans living in nursing homes rely on Medicaid to cover their expenses. In order to be eligible for Medicaid, however, a senior must demonstrate that they are unable to afford their health care due to a low income or lack of assets. When trying to prepare for the reality of future health ailments, two potential approaches include proactive planning and crisis planning. Let Aspen Legacy Planning help you understand the law as it applies to your situation and begin moving forward.

Proactive Planning vs. Crisis Planning

While it is impossible to predict when a life-altering event might occur, it is possible to start preparing for that possibility now. With proactive planning and helpful guidance, you can ensure your medical costs will be covered as they arise. A proactive planning approach entails thinking ahead so you can structure your assets and expand your available options, while a crisis planning approach means you only start investigating the issue once it becomes necessary. In this situation, you are now desperate and your potential health care solutions are more constrained. Aspen Legacy Planning offers helpful guidance to make sure you stay as healthy as possible.

Effective ways to plan for long-term care include:

• Health insurance trusts
• Successfully applying for Medicaid
• Set up powers of attorney and create helpful wills
• Enlisting the help of an experienced long-term care attorney

Strategies for Protecting Assets from Medicaid

Medicaid is one way you can help mitigate your long-term care expenses. However, your Medicaid eligibility can be affected by your saved money and other assets. Transferring your assets to family members before applying for Medicaid can often trigger a penalty to your benefits. If you want to be able to qualify for Medicaid while preserving your assets, there are several strategies your Medicaid planning attorney can go over with you.

Some Medicaid asset protection strategies include:

• Drafting a specialized trust
• Created a care agreement
• Using spousal transfers and refusals
• Understanding exempt assets that are transferable as gifts

A South Dakota Medicaid attorney from our firm can help you identify the best options for your personal situation.

Common Medicaid Planning Myths

There are several myths surrounding Medicaid planning that can lead individuals to make poor decisions:

Myth #1: “I’m too young to worry about Medicaid planning.” Medicaid planning is not just for the elderly. If you are approaching retirement age, it’s important to start planning early for the possibility of needing long-term care.

Myth #2: “I can just transfer all my assets to my children.” While gifting assets can be a useful strategy, it must be done carefully, especially considering the five-year look-back period. Improper transfers can result in significant penalties, making you ineligible for Medicaid assistance when you need it most.

Myth #3: “Medicaid will take everything I own.” With proper planning, you can protect most or all of your assets. Medicaid planning isn’t about losing everything—it’s about strategically preserving your wealth for your family while qualifying for the care you need.

Why Choose Aspen Legacy Planning for Your Medicaid Planning Needs?

At Aspen Legacy Planning, we understand the intricacies of Medicaid and long-term care planning. Our South Dakota Medicaid planning lawyers are experienced in navigating state and federal laws to help clients protect their assets and qualify for Medicaid benefits. Here’s why you should choose us:

• Expertise and Experience: Our long-term care and Medicaid attorneys have years of experience in Medicaid planning, estate planning, and asset protection, ensuring that we provide sound advice and effective strategies for our clients.
• Personalized Approach: We take the time to understand your unique needs, goals, and circumstances. We provide tailored legal strategies designed to meet your specific requirements.
• Comprehensive Services: From eligibility analysis to asset protection strategies and trust management, we offer a full range of services to help you with every aspect of Medicaid planning.
• Peace of Mind: With our help, you can rest assured that you are making the best decisions for your future and the future of your loved ones. Our goal is to ensure that you receive the care you need while preserving your hard-earned assets.

Call (605) 610-4016 Today for Assistance with Medicaid Planning

The process of managing the financial and logistical aspects of long-term health care can be quite devastating. Having our experienced elder lawyers at your side to provide sage advice and intervene when necessary can substantially decrease the drama and uncertainty of the situation. At Aspen Legacy Planning, Principal Attorney Stephen J. Wesolick brings over 30 years of experience to help you develop a long-term health care plan that leaves little to chance.