Carefully Planning For Medicaid Benefits

Late-life care can be expensive and quickly drain your assets. The Law Offices of Kathleen D. Schneider can help you protect financial resources and provide for long-term care with Medicaid. However, you must plan in advance to ensure that you qualify for any available benefits.

Attorney Schneider is also a CPA with a strong background in tax planning and finance. She can offer the experienced counsel you require when planning for your financial future. We strive to protect your resources so that you can comfortably care for your long-term health and preserve significant assets for your beneficiaries.

Have you considered how you will afford long-term care? Call 412-342-8577 to schedule a free consultation at our Pittsburgh office.

What Is The Five-Year Look Back Rule?

Our elder law attorneys can also assist you in preparing for your golden years, including planning related to Medicaid/Medicare issues, retirement and long-term care needs. Of particular concern is the five-year ‘look back rule’ that applies when an individual is applying for Medicaid benefits, and obtaining sound legal advice can be critical to your elder care plan.

To qualify for Medicaid benefits, you and your spouse must remain at or below a certain income or asset level. To remain below this threshold, many individuals transfer property to another individual or trust. However, the government counts assets within five years of your Medicaid application. Therefore, your resources must remain within Medicaid’s designed cap at least five years before you anticipate claiming funds. Begin planning as early as possible to avoid conflicts. It is impossible to anticipate all health concerns or nursing care needs in advance.

There are some exceptions to the five-year look back rule. Our knowledgeable Pennsylvania lawyers can explain all exemptions and work with you to protect your eligibility. Additionally, some assets do not count toward your cap, such as prepaying for funeral expenses or paying your mortgage.

Strategically Preserving Your Medicaid Eligibility

We work with each client individually to plan for Medicaid in a way that provides the most benefit given their circumstances. Depending upon your situation, our Medicaid planning attorney may recommend implementing:

  • Asset protection trusts
  • Special needs trusts
  • Pooled income trusts
  • Private annuities
  • Caregiver agreements
  • Spousal transfers

Contact Us To Protect Your Future Care

Call the Law Offices of Kathleen D. Schneider at 412-342-8577 to schedule a free consultation. You may also contact our firm online. Medicaid planning can be complex, and a mistake may disqualify you from benefits. Allow us to reduce your stress and help you adequately prepare.