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Clearwater Estate Planning & Probate Attorney > Palm Harbor Asset Protection Attorney

Palm Harbor Asset Protection Attorney

Many Palm Harbor and Pinellas County residents will require nursing home or similar long-term care in their elder years. Given the enormous expense of such care–which can cost tens of thousands of dollars annually–it should come as no surprise that elders often require financial assistance from Medicaid and other means-limited support programs. Unfortunately, in order to qualify for such programs, an applicant must demonstrate they do not own too many assets.

Even in situations where a person may have sufficient assets to provide for their long-term care right now, they may wish to preserve what little they have to support their spouse, children, and other loved ones. This is where a qualified Palm Harbor asset protection attorney can help. William Rambaum is a Florida Bar Board Certified Elder Law Specialist with over 35 years of experience in advising clients on legal asset protection strategies. Asset protection is an area of the law that is fraught with potential risks if handled incorrectly. Our office is here to help ensure that does not happen.

Preserving Assets and Your Ability to Qualify for Medicaid

Medicaid is a federal-state partnership that, among other things, helps pay for nursing homes and long-term care for qualified Florida residents. Since Medicaid is a means-based program, applicants must meet strict income and asset limit eligibility requirements. If your current assets exceed the limit by even a small amount, that is enough to prevent you from receiving Medicaid benefits under the law.

Florida Medicaid officials look at a person’s “countable assets” when determining eligibility. Your countable assets can include just about anything of value that you own, including cash, bank accounts, stock portfolios, retirement accounts, and real estate that you own as an investment.. Other assets are considered “non-countable” and are therefore exempt from Medicaid eligibility calculations. Some examples of non-countable assets are your primary residence, your household goods and personal effects, a single personal vehicle, prepaid funeral plans, and certain life insurance policies.

If you have a substantial amount of countable assets, our Palm Harbor asset protection attorney can advise you on how it may be possible to convert that property into a non-countable asset. For example, you may be able to turn excess cash in your bank account into a larger home or purchasing a new car. Depending on your circumstances, it may also be possible to legally transfer certain assets to your spouse or a Special Needs Trust without running afoul of Medicaid regulations.

Reach Out to Palm Harbor Asset Protection Attorney William Rambaum Today

Asset protection planning is never something you should leave to the last minute. Even if you are still years away from thinking about long-term care options, it is still in the best interest of you and your family to consult with an experienced Pearl Harbor asset protection attorney so you are not caught off-guard when the time comes to apply for Medicaid. Contact the offices of William Rambaum today at 727-781-5357 to schedule an appointment.

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