Phoenix Medicaid Planning Lawyer

John ‘Ned’ Perry — Professional, Approachable and Strategic Elder Law Lawyer

Under federal regulations, individuals entering long-term care paid for by federal and state Medicaid dollars are subject to an investigation into their financial assets going back five years.

Any liquid assets, including pension funds, retirement accounts, real estate that can be liquidated and other forms of income will be applied to meet the cost of care. If you or your elderly parent is unlikely to be able to afford the cost of self-paying nursing home care, it may be, depending on your circumstances, a smart financial decision to begin planning to liquidate noncash assets and distribute the assets to your family members well in advance of applying for Medicaid.

You’re Never Too Young to Begin Thinking about Preserving Your Assets

JEP3_saguaroWhen it comes time to enter a permanent long-term care facility, there is a three-part test to qualify. You must meet a financial test covering both assets and income, a personal test covering age, disability, citizenship, residence and other matters, and a medical test covering the need for long term care.

You must be of a certain age or your physical condition must merit long-term care. The time to start financial planning is when you are still able to live independently. Don’t wait until your health begins to deteriorate. The federal and state government will look back five years to determine whether you have eliminated your financial assets.

At the Law Offices of John E. Perry Jr., in Anthem, Arizona, we help senior citizens and their adult children make sense of Medicaid planning. We can show you how it can be beneficial to put your money into an irrevocable living trust that the government cannot touch for Medicaid payments. We have a full range of estate planning tools available to help you reduce your taxes now, while benefiting your heirs and beneficiaries without losing your assets to nursing home expenses.

Knowledgeable Scottsdale Estate Planning Attorney

From our offices in Anthem, Arizona, we serve clients in communities throughout Maricopa County and the Phoenix metro region. Contact us to arrange an initial consultation with Phoenix Medicaid planning attorney John “Ned” Perry today.