Medicaid Asset Protection

Many seniors and individuals with disabilities require significant medical assistance, including long-term care. The costs can be staggering, and many people worry about losing their hard-earned savings or being ineligible for Medicaid.

The good news is that there are legal strategies that can help you qualify for Medicaid while protecting your assets. At Wilson & Wilson Estate Planning and Elder Law, we understand the complexities of Medicaid law in Illinois and can help you develop a plan to meet your individual needs.

Our experienced La Grange and Northbrook Medicaid attorneys can:

• Assess your financial situation and Medicaid eligibility
• Advise you on the best strategies to protect your assets
• Help you implement a Medicaid asset protection plan

Our Medicaid attorneys in LaGrange and Northbrook are committed to helping you and your loved ones preserve your savings and enjoy the long-term care you need.

Contact us online to learn more, or call our LaGrange office at (708) 482-7090 or our Northbrook office at (847) 656-8958.

Medicaid is a government program that provides health insurance to low-income individuals and families. In Illinois, Medicaid is available to children and adults who meet certain income and eligibility requirements.

To be eligible for Medicaid in Illinois, you must:

• Be a resident of Illinois
• Be a U.S. citizen, legal alien, permanent resident, or national
• Have low income and limited assets
• Be blind, pregnant, responsible for a child under 18, disabled, or 65 or older

If you qualify for Medicaid in Illinois, you’ll receive comprehensive health insurance coverage, including:

• Doctor visits
• Hospital care
• Prescription drugs
• Mental health and substance abuse treatment
• Vision and dental care

Medicaid can give you peace of mind knowing that you and your loved ones have access to quality health care, regardless of your income.

The federal government’s Medicaid program provides health insurance to low-income individuals and families. It’s a great way to get the quality health care you need.

But what if you have assets over the Medicaid eligibility limit? Don’t worry—you may still be able to qualify. Medicaid asset protection trusts can help you protect your property while meeting the Medicaid eligibility requirements.

Here’s how it works:

1. You create an irrevocable trust and transfer your assets to it. This means they are not considered part of your estate for Medicaid purposes.
2. You apply for Medicaid. Because your assets are now in the trust, they are not counted against you when determining your eligibility.
3. You receive the Medicaid benefits you need. You can continue to live in your home and enjoy your assets, even though you’re receiving Medicaid.

Note that there’s a five-year look-back period for Medicaid. This means that the government will review any asset transfers that you made in the five years prior to your Medicaid application. If you transferred assets to a trust during this time period, you may be penalized and have to wait a certain period of time before you can qualify for Medicaid.

If you’re considering a Medicaid asset protection trust, it’s important to work with an experienced Illinois estate planning attorney. With offices in LaGrange and Northbrook, our Medicaid planning attorneys can help you structure the trust properly and avoid any potential problems.

Don’t let your assets prevent you from receiving the Medicaid benefits you need. With Medicaid asset protection planning, you can protect your property and obtain Medicaid benefits.

At Wilson & Wilson Estate Planning and Elder Law, our experienced Medicaid attorneys can help you develop an asset protection plan that meets your individual needs. We’ll find the right estate planning tools, such as trusts and asset transfers, to protect your assets and qualify for Medicaid.

Here are just a few of the benefits of Medicaid asset protection planning in Illinois:

• Protect your assets from Medicaid spend-down. Medicaid requires applicants to spend down their assets to a certain level before they can qualify for benefits. Medicaid asset protection planning can help you protect your assets from the spend-down requirement.
• Qualify for Medicaid sooner. Medicaid has a five-year look-back period for asset transfers. This means that if you transfer assets within five years of applying for Medicaid, you may have to wait a certain period of time before you can qualify for benefits. Medicaid asset protection planning can help you qualify for Medicaid sooner by structuring your asset transfers in a way that complies with Medicaid rules.
• Preserve your assets for your heirs. Medicaid asset protection planning can help you preserve your assets for your heirs, even if you need to receive Medicaid benefits at some point in your life.

If you’re in Cook County, DuPage County, or Lake County and you’re interested in Medicaid asset protection, contact Wilson & Wilson Estate Planning and Elder Law, LLC, today for a consultation.

Contact us online to learn more, or call our LaGrange office at (708) 482-7090 or our Northbrook office at (847) 656-8958.