Medicaid Crisis Plans

Who is this plan Designed to help?

• Families with one member who is expected to be eligible for Medicaid Benefits in one to two years.
• Families who have a fear of running out of money due to the high cost of long-term care as they age
• Families with the Goal of Protecting Assets for their children
• Families with the goal of transferring the residence to a family member under the child caretaker exemption
• Families with the goal of protecting the residence from the Medicaid lien
• Families with the goal of preserving the Senior Property Tax Exemption while a parent lives at home
• Families with the goal of Optimizing the Tax Basis Step Up on the Residence
• Families with the goal of Minimizing Trust Administration and probate costs

What are the Pain Points this Plan is Designed to Address?

• Plan designed to qualify a family member for benefits as quickly as possible
• Plan designed to reserve sufficient assets to privately pay for the cost of care until Medicaid Benefits are approved
• Plan designed to minimize the risk that a family member will run out of money as they age
• Plan designed to maximize the assets that the family can keep, while qualifying for Medicaid benefits.
• Plan designed to protect the Residence
• Plan designed to preserve and protect family Investment holdings
• Plan designed for Tax Reduction
• Preserve Senior Property Tax Exemption
• Optimizing the Tax Basis Step Up
• Plan designed for Simplification of Administration
• Plan designed to minimize trust administration and probate costs.
• Plan designed to keep your affairs private.
• Plan designed to allow your family to retain control of the management and investment of assets.
• Plan designed to include instructions in Will, Power of Attorney and Health Care Directive that are in Sync with Trust.
• Plan designed to allow you to change your mind regarding your managers, trustees, and beneficiaries.
• Plan designed to include meetings with Financial Advisors with the goal of opening accounts for the trusts, updating account beneficiary designations and preserving your assets according to your goals.
• Plan designed to include meeting with family members to discuss how your plan will meet your goals.

WHAT IS THE EXPECTED OUTCOME BASED ON OUR EXPERTISE?

The kind of results that we achieve do not happen by accident.  It happens through experience, attention to detail, and a tailored approach to each family.  Washington Elder Law has developed a system for your family that makes it as easy as possible to get through the process. Our process includes the following:

• The creation of a Medicaid Trust to protect your assets from a Medicaid lien.
• The creation of a Medicaid Spenddown Plan that includes an estimated benefits start date based on the information that you provide to us
• The creation of a plan designed to maximize the assets that the family can keep, while qualifying for Medicaid benefits.
• The creation of a plan designed to protect Investment Assets
• The creation of a plan designed to protect the Residence
• The creation of a plan designed to preserve the Senior Property Tax Exemption if income eligible
• The creation of a plan designed to optimize Tax Basis Step up to reduce capital gains tax
• The submission of the Medicaid Benefits application.
• The approval of a benefits start date by the State of Washington
• Meetings with your Financial Advisors with the goal of opening accounts for the trusts, updating account beneficiary designations and preserving your assets according to your goals.
• Meetings with your Certified Public Accountant or Tax Advisor to review your plan.
• Meetings with family members to discuss how your plan can be administered as simply as possible in a way that meets your goals and the goals of the next generation.
• Washington Elder Law will apply for your Medicaid Benefits
• Washington Elder Law will advocate for the approval of your Medicaid spenddown plan from the time of submission of the Medicaid application through approval of Medicaid Benefits.
• Washington Elder Law will represent you at a fair hearing if your case is stalled by a caseworker or if you application is rejected for any reason.