When it comes to Medicaid planning, one aspect that often catches individuals off guard is Medicaid estate recovery. As a critical component of the Medicaid program, estate recovery involves the government seeking reimbursement for the costs of medical services and/or long-term care services provided to the beneficiary. While Medicaid offers essential support to those in need, understanding and navigating estate recovery is crucial to ensure your hard-earned assets are preserved for your loved ones.
What Assets are Subject to Estate Recovery?
Medicaid estate recovery typically targets assets within a beneficiary’s estate after their passing. This process raises concerns for many families, as they worry about their legacy being taken away by these reimbursement claims. However, the good news is that with strategic planning and legal guidance from an elder law attorney, it is possible to minimize the impact of estate recovery.
Is There Any Way to Avoid It?
Yes! Techniques such as creating irrevocable trusts, gifting within allowable limits (keeping in mind any applicable “lookback period,” which is 5 years in Pennsylvania), and strategically structuring ownership of your assets can help shield your hard-earned assets from the reach of estate recovery.
By partnering with experienced Medicaid planning attorneys at Antanavage Farbiarz, you can navigate the intricacies of estate recovery with confidence, ensuring your assets are protected while you receive the necessary support from Medicaid. Remember, proactive planning today can pave the way for a secure financial future for those you love. Call our office at (610) 562-2000 or click HERE to schedule your consultation.