321-723-8388
.jpg)
Medicaid Planning is a powerful tool to help families navigate the rising costs of long-term care while preserving hard-earned assets. At Lemieux & Jacoby Elder Law Advocates in Melbourne, Florida, we recognize the emotional and financial strain this process can bring. That’s why we’re dedicated to guiding you through effective strategies that protect your loved ones and secure your financial future.
What Is Medicaid Planning?
Medicaid planning involves legally structuring your assets and income to qualify for Medicaid benefits while preserving your estate for your spouse, children, or other heirs. Since Medicaid is a needs-based program, eligibility is determined by strict income and asset limits. Without planning, many individuals find themselves spending down their life savings before qualifying for benefits.
Effective Medicaid planning ensures that your transition into long-term care is smooth, and that you do not unnecessarily deplete your resources.
Why Is Medicaid Planning Important?
1. Rising Long-Term Care Costs
In Florida, the average cost of a nursing home exceeds $100,000 per year. Without proper planning, these expenses can quickly drain even a well-funded retirement account.
2. Protecting Your Spouse and Family
If you're married, Medicaid planning can protect the well-being of your spouse by allowing them to keep certain assets and income. It can also serve as a lasting legacy for your children and grandchildren to cherish.
3. Avoiding Estate Recovery
After a Medicaid recipient passes away, the state may seek repayment for the cost of care through a process known as estate recovery. Effective planning can minimize or even eliminate this risk altogether.
4. Peace of Mind
Knowing that you have a plan in place offers peace of mind for you and your family during what can be a stressful time.
Common Medicaid Planning Strategies
At Lemieux & Jacoby Elder Law Advocates, we use a range of strategies tailored to each client's specific circumstances. Some commonly used tools include:
Irrevocable Trusts
These can remove assets from your estate, allowing you to meet Medicaid’s asset limits while still benefiting your family.
Asset Transfers and Gifting
Timing and compliance are critical here to avoid penalties during Medicaid’s five-year look-back period.
Spousal Protections
We implement strategies to safeguard a healthy spouse’s financial security when the other spouse requires long-term care.
Income Planning
We help restructure income sources to comply with Florida’s Medicaid income cap, often using qualified income trusts (QITs).
Why Work with Lemieux & Jacoby Elder Law Advocates?
Based in Melbourne, Florida, our firm is dedicated to elder law and expert Medicaid planning services. Our compassionate and experienced attorneys work closely with families to create customized plans that ensure eligibility while protecting assets.
We believe that no one should have to choose between getting the care they need and losing everything they've worked for. Our goal is to simplify the process, minimize stress, and provide legal solutions that align with your long-term goals.
Take the First Step Today
Medicaid planning is most effective when started early, but even if you're facing a current need for long-term care, options are still available. Don’t wait until it's too late to protect your legacy.
Reach out to Lemieux & Jacoby Elder Law Advocates at 321-723-8388 or visit lemieuxjacoby.com to book your consultation and take the first step toward securing peace of mind for you and your family.
