Medicaid planning is often a critical part of elder law planning. It can also be one of the most complex areas of the law.
The stage in life at which a family finds itself dictates a large part of Medicaid planning. Applicants have to meet asset and income thresholds. Depending on the size of an estate, income and types of assets, a creative plan may be needed. More specifically, it may be necessary to convert otherwise countable assets into noncountable assets. Failure to do so can result in denial of benefits. An irrevocable trust is just one potential tool in these cases.
Additionally, it is important to realize there are particular exemptions available under Kansas law and various ways to own property in terms of titling. This gets into specifics with regard to qualifications for exemptions. Additionally, tax implications are changing all the time and spilling over into issues of income tax planning; many rural properties are increasing in value and bringing capital gains tax into the picture.
If you are working on Medicaid planning issues, it is of utmost importance that your lawyer be experienced. Our attorneys at Anderson & Byrd, LLP are prepared to work directly with you to understand your issues and develop a plan that maximizes potential benefits. We encourage you to begin planning at the earliest opportunity by reaching out to our team.
To schedule an initial consultation with one of our Ottawa lawyers, call 800-681-2641 or email the firm.