Elder Law attorney Alan A. Panek in Wisconsin Rapids discusses the importance of Medicaid planning. Attorney Panek is a member of the National Academy of Elder Law Attorneys (NAELA) and is member of the Board of Directors of the Wisconsin Chapter of NAELA.

Obtain Peace of Mind

As people age, the likelihood of facing illness grows considerably. No one knows for certain what the future holds; some manage to live independently and in good health for decades, while others require round-the-clock nursing care. Preparing for the second possibility is what Medicaid planning is all about. It gives both you and your loved ones peace of mind as you look toward the future.

Meet the Necessary Qualifications

Medicaid planning ensures you have the health care-related resources you need during your golden years. Most people choose to include these preparations as part of their estate planning, and doing so averts the need for considerable stress and last-minute scrambling should you ever require Medicaid assistance. Below, elder law attorney Alan Panek, of Alan A. Panek Law Office, SC, in Wisconsin Rapids, WI, discusses the importance of such planning.

Obtain Peace of Mind

As people age, the likelihood of facing illness grows considerably. No one knows for certain what the future holds; some manage to live independently and in good health for decades, while others require round-the-clock nursing care. Preparing for the second possibility is what Medicaid planning is all about. It gives both you and your loved ones peace of mind as you look toward the future.

Meet the Necessary Qualifications

 Unfortunately, not everyone is going to qualify for Medicaid. As a state and federal assistance program, applicants must meet certain financial requirements to be approved for coverage. If you have too much in income or assets, or if it is the wrong type of income or assets, you will be denied coverage. For example - some assets are counted in determining eligibility - others are not. Some gifts or payments to relatives during the previous 5 years are permitted - others result in denial. Some types of trusts are permitted - but others are not. Some types of annuities are allowed, but others result in ineligibility.

No matter your age or where you are at in life, there is always an opportunity to explore your legal and financial situations and identify whether  a Medicaid strategy is appropriate for you. The experienced and caring elder law attorney at Alan A. Panek Law Office, SC, will guide you through the process and provide quality counsel every step of the way. Call (715) 421-4900 or visit the website to schedule an appointment and start examining your options.