Medicaid Planning

Houston Medicaid Planning Attorney - Medicaid & Estate Planning

People are living well into their eighties, nineties, and even beyond today. The quality of our healthcare system, technologies, and life-saving techniques have offered us a better quality of life and longer life expectancy. And while this is a good thing, many people are now finding that they are outliving their financial resources. Many individuals will find that they are in need of costly nursing home care but will be without the resources to pay for it. 

If you or a loved one are considering long-term care in Houston, it is critical to approach it proactively. Houston Medicaid planning attorney Whitney L. Thompson has supported and guided families and individuals who are making important decisions about their futures. Comprehensive estate planning is critical for anyone in today’s world, and she and her team are dedicated to protecting her clients’ needs to ensure that their lives are lived fully, and their wishes are considered. 

To speak with experienced Houston Medicaid planning lawyer Whitney L. Thompson, call (281) 214-0173 today.

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The Financial Vulnerability of Older Adults in the United States

Many older Americans will not be able to afford nursing home care on their own, yet available public assistance programs make it difficult to qualify. This leaves many older adults financially exposed and insecure in their later years. 

Unfortunately, our system in the United States can be a confusing set of state and federal programs. Proactive Medicaid estate planning with a professional Houston Medicaid planning attorney can enable older adults to qualify under stringent Medicaid eligibility rules while preserving their hard-earned assets. 

Estate planning in Houston can prove to be complicated if not done correctly. If you are thinking about the future of an elderly loved one and want to make sure their benefits are secured, speak to the skilled Medicaid planning attorney Whitney L. Thompson. Attorney Thompson has helped many Houston families when it comes to estate planning and Medicaid planning. 

The knowledge and care found here are top tier. Attorney Thompson is extremely smart and very kind. She will work tirelessly to get you out of any situation that you may find yourself in. I definitely recommend her services to any and all who are in need of a family attorney. You won’t regret it!

The Cost of Long-Term Care in Houston

As of 2021, the average cost of assisted living in Texas was $3,988 per month or over $47,000 per year. And this is just the average. 

Despite popular belief, Medicare does not cover the costs of institutional assisted living such as nursing home care. This leaves individuals to come up with these costs through very costly long-term care insurance policies or out of pocket. Even if you have a substantial nest egg saved, the cost of nursing home care can quickly deplete those savings.  In most cases, these costs are more than average families can afford to maintain.   

Estate planning attorney Whitney L. Thompson can assist aging individuals and their families with planning options for long-term care without depleting important assets. Whether you are taking a proactive stance in planning for the future or are dealing with an imminent family crisis, she will explore actions that can protect assets while applying for the Medicaid assistance you need.

Call us today at (281) 214-0173 to schedule a consultation.

Attorney Whitney Thompson is a great attorney. I refer people to her law firm because I know she has the experience and professionalism necessary to deliver competent legal services. Do not hesitate to call this attorney should you need honest representation.

How Medicaid Can Be Used For Long-Term Care

For aging adults in Texas, long-term options should be considered in order to live out a quality life into our extended years. Medicaid will pay for some or all of the costs associated with long-term care, but these benefits are limited to those who can qualify under the very stringent asset and income guidelines.

Despite the fact that Medicaid is the largest provider of nursing home benefits in the United States, the program was designed primarily to assist low-income individuals. Consequently, to be able to qualify for Medicaid benefits in Texas, there are strict asset and income caps.

Many older adults have income and assets that exceed Medicaid’s eligibility requirements which leaves them unable to qualify for Medicaid long-term care benefits. Last-minute transferring of assets to attempt to qualify is not an option as Medicaid has a look-back period of five years. This means that any transfers of assets made in the five years prior to application will be counted against that income and asset eligibility. 

Elder law attorney Whitney L. Thompson has spent her career helping families with Houston Medicaid planning and long-term care planning for their loved ones. Elder law and estate planning in Houston can be complicated and it is important to seek a law firm that may be able to provide you with more information on Houston elder and ensure the protection of your elderly family members. 

To speak with attorney Whitney L. Thompson about elder law Medicaid planning, call us today at (281) 214-0173.

Estate Planning with Medicaid Eligibility in Mind

Fortunately, some estate planning tools and options can assist individuals with eligibility requirements without having to needlessly “spend down” or give away their assets to qualify for Medicaid. 

For individuals who are considering using Medicaid for long-term care, it is important to begin planning for this in advance of need. Proactive estate planning with the assistance of a Houston Medicaid planning attorney is crucial to ensure that you can qualify for the benefits you need when the time comes to apply for Medicaid.

At the Law Office of Whitney L. Thompson, we will consider your entire financial picture and offer serious estate planning strategies to enable you to seek Medicaid benefits while preserving your assets.

Medicaid Planning in Texas

When an individual qualifies for Medicaid, it will cover all the necessary services for long-term care. But Medicaid is complicated, and you will need to consider the complex rules and regulations imposed by the program. Getting the assistance of a skilled Houston Medicaid planning attorney will help you navigate the process and legally establish eligibility for Medicaid benefits. 

Elder law attorneys in Houston understand the importance of estate planning with Medicaid crisis planning in mind. Caring for the needs of an elderly loved one can be overwhelming, especially if you have not done it before. Ensuring their future medical and financial protection should be on top of your list. Speaking with an experienced Houston estate planning attorney is important in these situations. 

At the Law Office of Whitney L. Thompson, we help our clients structure their financial resources to ensure that they can be accepted into the Medicaid programs when the necessity arises. This is done through the creation of various estate planning devices such as trusts, asset transfers, and the conversion of countable assets into exempted ones.

Call us today at (281) 214-0173 to schedule a consultation about what best suit your family’s needs. 

She represented me in a case concerning guardianship over my grandson. It was a very time sensitive matter and we won the case. I am very grateful for her, because my grandson has stability and is growing up loved beyond measure. Attorney Whitney Thompson is very passionate and she truly cares for the people.

Qualifying for Medicaid for Long-Term Care

Qualifying for Medicaid for long-term care benefits requires that you meet the qualifications established by the state of Texas. Under these requirements, your assets and income are strictly limited. 

But some assets are exempt from Medicaid consideration. These include:

  • The value of your principal residence up to $636,000 (2022 adjustment)
  • Any real estate that is being actively offered for sale
  • One car, regardless of value
  • Household goods and personal belongs
  • Burial spaces and containers
  • Burial funds up to $1,500 per person
  • Irrevocable prepaid funeral plans
  • Term life insurance
  • Other life insurance not exceeding $1,500 per person
  • The business property currently used for self-support
  • Livestock maintained for business use or home consumption

While the assets of married couples are considered jointly owned under Medicaid, the program does allow the non-applicant spouse a Community Spouse Resource Allowance with the ability to retain a percentage of all assets up to a certain maximum.

I'd like to tell everyone how much I appreciate the help you've provided especially working with me. I greatly appreciate the child custody lawyer representing me. Great people to have in a time of need. Thanks for everything. God bless

Getting the Assistance of a Houston Medicaid Planning Attorney Before You Apply for Medicaid

Once you apply for Medicaid benefits, you will lose any opportunity to protect your assets. It is important to get the assistance of a Houston Medicaid planning attorney to protect what you own before you apply for Medicaid. 

At the Law Office of Whitney L. Thompson, PLLC, we will explore ways to preserve your assets while you still benefit from the Medicaid program. Some strategies we may consider are:

  • Miller Trusts divert any income over the monthly allotted cap to the trust to preserve Medicaid eligibility
  • The creation of an irrevocable trust benefiting your heirs
  • Medicaid-compliant annuities
  • Strategic asset spend-downs
  • Gifting strategies that allow annual per heir gifts without triggering Medicaid eligibility

Furthermore, we can create ways to manage your finances to ensure that your spouse has enough income and resources to continue to live independently while you are in care or after.

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Getting Medicaid Planning Assistance That Considers Your Unique Needs

Each family and its financial needs will be different. Proactive planning can give protection to hard-earned assets, be prepared for the future, and avoid costly headaches. How to protect assets while getting the benefit of Medicaid will depend on each different family’s needs and financial dynamics. 

Houston Medicaid planning attorney Whitney L. Thompson and her team at the Law Office of Whitney L. Thompson, PLLC have the experience and insight it takes to ensure that families and their aging loved ones are taken care of respectfully without depleting the assets they have worked so hard for throughout their lives.

Call us at (281) 214-0173 or contact us through our online contact form to schedule a consultation to discuss your options.

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