Asset Protection and Medicaid Planning
Our care planning services include Asset protection and Medicaid planning and we try to keep the public informed about Florida Medicaid numbers. The Florida Medicaid eligibility numbers for 2021 are below.
Nursing home care typically costs $9,000-$13,000 per month. Most Senior Citizens find that their income falls well short of this cost. An analysis of the options for preservation of assets is warranted when long term care is contemplated. Asset Protection and Medicaid Planning techniques are available to married persons to ensure that the spouse living in the community is able to maintain his or her standard of living while caring for a spouse in the nursing home. We work with families to utilize government benefits, such as Medicaid, so that family wealth augments rather than supplants government benefits. Such use of family wealth assures that the Senior will receive the best quality of care.
An analysis of the options available for Asset Protection and Medicaid entails the client and the attorney working together to compile, organize and evaluate the assets, income, legal documents and family information in order to apply the situation to the law.
Some of the options available for Asset Protection and Medicaid are personal services contracts, income producing property, promissory notes,
After such analysis, the client is better aware of the options available for asset protection and Medicaid and a time frame for implementing a plan.
Florida Asset Protection and Medicaid Eligibility Numbers for 2021
- Maximum Community Spouse Resource Allowance: $130,380
- Maximum Monthly Maintenance Needs Allowance: $3,260.00
- Minimum Monthly Maintenance Needs Allowance: $2,178.00
- Medicaid Income Cap: $2382 per month
- Medicaid penalty divisor: $9,703
- Applicants with income which exceeds limit must have a Qualified Income Trust or a Pooled Trust.
- Community Spouse may have any amount of income.
- Applicant must need skilled care to qualify for the ICP Medicaid program as determined by the CARES team; from the Department of Elder Affairs.
- Community spouse should have a Testamentary Qualified Special Needs Trust to avoid spend-down on applicant’s care in the event that the Community Spouse predeceases the applicant.
- Community Spouse may receive a portion of the Applicant’s income depending upon the community spouse’s own income and shelter expenses. If the amount that the state diverts to the spouse is insufficient to meet budgetary needs, court orders may be sought to raise the community spouse’s income.
- Gifts impact eligibility! Before gifting funds or real estate be sure to know all of the ramifications. Alternative arrangements can be made that will allow children who are assisting with care to be properly compensated.
Please call the office at 239 434-8557 to set up your initial consultation to schedule an initial assessment.