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    • Kenneth E. RhodenKenneth E. Rhoden – Mr. Rhoden has been an attorney practicing in Brevard County since 1986. He has litigated many serious cases including complex divorces and death penalty cases.
    • Michael J. KelleyMichael J. Kelley – Mr. Kelley is an experienced trial attorney with a strong emphasis on Criminal Defense such as DUI, misdemeanors, felonies, VOP, and juvenile cases.
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    Home » Wills » How Should You Approach Medicaid Planning?

    How Should You Approach Medicaid Planning?

    What role Medicaid plays in your estate plan.

    Written by: Bonnie Klein Rhoden, Esquire

    Many who come to me with questions about planning for potential incapacity do not automatically consider how governmental benefits may impact their future.   Including “Medicaid Planning” in your overall plan for the future is important as it may well become a (major) factor in your care.

    Planning that includes Medicaid requires you to look for ways to maximize the benefits available through the government program.   Medicaid is available for those persons who have insufficient long term care insurance, who run out of savings, or who have a catastrophic illness or injury requiring more than care for elder years.

    There are many considerations in planning for Medicaid and as many techniques to preserve your income, your wealth, and other assets.   Many use “income reduction” techniques including the creation of special trusts known as  “Qualified Income Trusts” (QIT).  QITs are also known as “Miller Trusts” which comes from a court case that created authorization for this type of income preservation.

    Several type of trusts fall into a category known as Special Needs Trusts which are created for you to preserve assets while avoiding a conflict with Medicaid income requirements.  Special Needs Trusts can be established by you for your own care or for the care of your spouse or other family members.  You may know someone with a child having special challenges.  He or she may have made plans for the child’s care after their own incapacity or death.  Likely that plan for a special needs child includes the use of such a trust allowing management of gifted assets, inherited assets, or income.

    To use Medicaid planning in your plans for the future it is good to consider consulting with a professional experienced in the area of estate planning, elder law, or incapacity planning.  For more information you may refer to this article: What Do My Clients Need to Know About Medicaid Planning (for Starters, Anyway)?, by Kyle Krull, published in the magazine ‘Wealth Management’, edition: October 7, 2015.


    Contact Attorney Bonnie Rhoden or Attorney Barton Hogreve for a complimentary initial consultation to discuss how Medicaid may play a role in your future or that of your loved ones.  Offices in Cocoa Village and Melbourne.   321-631-0506 or use the contact form at the top of this page.

     

     

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      The information on this website is not legal advice and is provided only as general information. The hiring of a lawyer is an important decision that should not be based solely upon advertisements. The law changes rapidly and can be interpreted in different ways by different courts. The contents of this site could be unsuitable to your circumstances, outdated, or not sufficiently detailed for your needs. An attorney-client relationship is not created by review of this site. By use of this site, as with any electronic communications privacy is not guaranteed. Mario, Gunde, Peters, Rhoden & Kelley will not sell or disclose or in anyway use information you provide that is not consistent with the provision of legal services, unless required by law. This website is provided without warranty either express or implied of any kind. Links within this website are independent of this website and are provided only as a convenience and MGPR&K disclaims any responsibility for the contents of the sites.