-- In a recent interview, top elder law attorney Rex Hogue, at Haiman Hogue in Frisco, TX, has just revealed why it’s essential to get the right advice for Medicaid planning.
For more information please visit https://www.haimanhogue.com
When asked to comment, Hogue said, “One of the biggest concerns among the aging population is qualifying for Medicaid to cover the increasing medical and health bills such as nursing home costs. However, wrong advice in applying for Medicaid can result in losing assets, putting you and your loved ones in a difficult situation.”
Seeking Medicaid planning advice from the right professionals, Hogue says, is crucial for meeting the needs and rights of senior citizens.
When asked for an example, he said, “A bank or financial advisor and an elder law attorney will probably offer drastically different recommendations. For instance, a financial advisor might encourage you to invest in an annuity that takes years to mature, which means you wouldn’t have access to your money for years without incurring a penalty.”
In addition, attorneys not versed in elder law can often make mistakes.
When asked to elaborate, he commented, “Not everyone understands the ins and outs of the complex Medicaid system, including estate planning attorneys. Many people equate elder law and estate planning – but they’re not the same.”
On average, elder law attorneys protect your money and assets while you’re still alive while estate planning attorneys focus on how to distribute your assets after dying. That’s why it’s a great idea to find a boutique estate planning and elder law firm versed in both. Working with someone who combines the two will help you and your family put together a complete “Family Protection Plan,” rather than just an estate plan
He added that, “Estate planning lawyers could make mistakes when drawing up trust agreements to protect your family’s money before applying for Medicaid. You’ll need to hire someone who knows how to carefully word trust agreements so that your assets will be protected.”
Having incorrectly worded trusts, Hogue added, could jeopardize your eligibility to qualify for Medicaid benefits.
Further to this point, elder law attorneys can use their knowledge to advise on the best way to apply for Medicaid.
When asked to elaborate, Hogue commented, “Many times, people are unaware that certain types of income and savings are exempt under the law from being applied toward medical costs. Someone specialized in elder law can help prove that certain assets shouldn't be taken into consideration when applying for Medicaid."
“If you’re wondering where to start in planning for Medicaid, then consult an experienced elder law attorney to learn about the best way to proceed,” he commented.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC.
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469-893-5337
Website: https://www.haimanhogue.com
Source URL: http://RecommendedExperts.biz
Release ID: 88939819
Google
RSS