What is Medicaid planning?

Medicaid planning is the process of legally protecting and preserving the assets of individuals and their families in order to qualify for Medicaid, a government healthcare program. Medicaid pays for medical expenses for individuals and families who have limited income and resources. To qualify for Medicaid, individuals must meet certain eligibility requirements; one of which is having limited income and resources. Medicaid planning involves taking actions to reduce or eliminate the amount of income and resources an individual and/or their family has in order to meet the Medicaid eligibility requirements. For example, a person may transfer assets to a trust, give assets away to family members or charities, or use other strategies to reduce their assets. Medicaid planning also involves setting up legal documents, such as an irrevocable trust or power of attorney, to protect assets from being counted as resources for Medicaid eligibility. It is important to note that Medicaid planning must be done in accordance with the rules and regulations set forth by the state of Washington. Consulting with an estate planning lawyer who is familiar with Medicaid planning law in Washington is recommended. Medicaid planning can help individuals and families who are unable to afford the costs of medical care to protect their assets and qualify for Medicaid.

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What is Medicaid planning?

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