What Is Medicaid Planning and How Does It Work in Rhode Island?
Whether you have just retired or are in the final stages of your fruitful life, you may be finding yourself paying more and more on medical and assisted living bills. After working your entire life to generate the wealth you have, this can be less than ideal and may lead to you feeling panicked or stressed for your loved ones.
Fortunately, by using Medicaid planning, you can put this stress behind you and ensure that your valuable assets are safe and that you are eligible for these Medicaid benefits despite them. To better understand how this works, let’s take a look at the basics of Medicaid planning in the state of Rhode Island.
The Basics of Medicaid Planning
According to The American Council on Aging, “The term Medicaid planning encompasses a wide variety of services provided by an equally wide variety of professionals and volunteers. A general definition of Medicaid planning is any assistance provided to a potential Medicaid applicant in advance of and in preparation for their Medicaid application. Medicaid planning can be as simple as assistance with the collection and preparation of documents or as complicated as a complete restructuring of one’s financial assets.”
To put it in layman’s terms, if you do not currently qualify for Medicaid and could really use this assistance, it may be best to work with a Medicaid planning professional to ensure your eligibility by liquidating assets and transferring others to your friends and family appropriately. This will put you within the acceptable financial range and keep your assets protected for when you finally pass. In this way, you can keep your wealth for your family to receive once you pass and be able to pay for your medical bills through Medicaid until then.
How Does Medicaid Planning Work in Rhode Island?
Medicaid planning is different in every state, and the ways you can prepare differ depending on what asset liquidation processes are legal and available in your given state. In Rhode Island, there are several laws that you must be aware of and many processes that must be completed before you can be eligible.
To help you understand these laws and requirements, it is best that you turn to a qualified local Medicaid planning attorney. At the Law Offices of Howe and Garside, we know the ins and outs of Medicaid planning and will be sure to get you the Medicaid assistance you need in no time. To get started, contact us today!