Navigating the complexities of Medicaid and asset protection can be daunting, especially as you age. One of the most common concerns among Florida seniors is the fear of losing their home if they need to apply for Medicaid. As a Brandon elder law attorney, we understand these concerns and are here to provide clarity and guidance.
Understanding Medicaid Eligibility in Florida
Medicaid is a federal and state program that helps with medical costs for some people with limited income and resources. In Florida, Medicaid eligibility is determined based on income, assets, and other factors. One of the biggest misconceptions is that you have to lose everything, including your home, to qualify for Medicaid. This is not always the case.
Your Home and Medicaid
In Florida, your primary residence is generally considered an exempt asset for Medicaid eligibility purposes. This means that, under most circumstances, you can keep your home and still qualify for Medicaid. However, there are certain conditions and limits to this exemption, such as the equity value of the home.
Estate Recovery Concerns
While your home may be safe during your lifetime, many worry about what happens after they pass away. Florida’s Medicaid Estate Recovery Program can seek repayment for the costs of long-term care from your estate. This is where proper planning becomes crucial.
Protecting Your Assets with a Brandon Elder Law Attorney
This is where we come in. As experienced Brandon elder law attorneys, we focus on Medicaid planning and asset protection. We can help you understand the nuances of Florida Medicaid laws and devise strategies to protect your assets, including your home, while ensuring you get the care you need.
Planning Ahead is Key
The best way to protect your home and assets is to plan ahead. Waiting until the last minute can limit your options. Our team can assist with creating trusts, restructuring assets, and exploring other legal avenues to safeguard your estate while maintaining Medicaid eligibility.
Remember, every situation is unique, and generic advice is not enough. Our Brandon elder law attorney team provides personalized legal counsel tailored to your specific circumstances. We take the time to understand your needs and goals, ensuring that your estate plan reflects your wishes and provides the best possible protection for your assets.
Don’t Wait Until It’s Too Late
If you’re concerned about Medicaid eligibility, we are here to offer guidance and support. Simply contact us today at (813) 438-8503 to schedule a consultation and we’ll help you determine your next best steps.