What is Medicaid planning?

Medicaid planning is the process of determining whether you or a loved one qualify for Medicaid benefits under North Carolina law. It includes understanding the eligibility criteria, developing strategies to meet these criteria, and developing a plan to protect assets. Medicaid planning is especially important for those who need long-term care and cannot afford to pay for it on their own. In North Carolina, Medicaid is a state- and federally-funded health insurance program for individuals who cannot afford to pay for their medical care. It is often used by those who have disabilities, who are elderly, or whose income is below a certain level. To qualify for Medicaid, individuals must meet certain criteria, such as being a U.S. citizen or lawfully present in the United States. Medicaid planning is a way to ensure that individuals are able to qualify for Medicaid benefits while also protecting their assets and providing for their family members. This planning can include techniques such as transferring assets between family members, setting up a special needs trust, or taking advantage of Medicaid planning programs. It is important to note that some of these strategies can have federal and state tax implications, so it is best to consult with an experienced Elder Law attorney when making any decision regarding Medicaid planning.

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