Protect Assets From Medicaid Spend-Down
One of the biggest Medicaid secrets is that asset protection is within your reach with the help of your Elder Law Attorney. It is not something reserved exclusively for people with huge sums of money.
You Can Protect Assets From the Medicaid Spend-Down. Even During the Lookback Period. I Can Show You How.
I help families of all kinds protect what they can, from $20,000 all the way up to $1 million. With my proven techniques your parent can achieve three very big goals that other people might not want you to know about. Those goals are:
What Is Texas Nursing Home Asset Protection?
Nursing home Medicaid asset protection is the process of using proven and legal strategies to avoid paying more for nursing home care than your parent or spouse legally has to. If your nursing home bill right now is $5,000 but your parent’s income is only $750 your parent’s life savings is going to disappear real quick while the nursing home laughs all the way to the bank.
My asset protection is designed to protect as much as you or your parent legally can and reduce the nursing home bill to what they can afford ($750 in the above case, and possibly $0 in a married case). Sounds like a good idea? Keep reading.
Is It Safe and Legal?
Safe and legal is the only kind of asset protection I recommend clients consider. If I would not tell my own family to do it I am not going to recommend you do it. There are plenty of illegal and unsafe schemes calling themselves “asset protection” but that is not what I do.
Is It Too Late?
In many cases it is still possible to complete valuable asset protection steps even after a parent or spouse enters a nursing home. I encourage you to check with me before giving up because it never hurts to get an opinion from someone who has been doing this for 15 years. There is no obligation and no cost for an informal opinion.
Here’s What People Think About Working With Us
Mr. Shea was an answer to so many prayers! I live out of state and was needing legal assistance for my elderly parent located in Houston. I was concerned that navigating this process from afar would be difficult, but Mr. Shea’s communication was timely, thorough, and always reassuring. He was patient in answering my many questions and never made me feel like a burden or irritation. He kept me informed throughout the entire process and never left me wondering what was happening or why. He clearly is an expert in the field and knows from experience exactly how to handle the manipulative tactics of Medicaid. We would have most certainly given up our pursuit (and a significant sum of money we were rightfully entitled to) if we had tried to navigate Medicaid qualification on our own. My only regret is that we didn’t find him sooner. His cost was very fair, and I appreciate that it was all-encompassing with no hidden fees. Overall, Mr. Shea was an absolute dream to work with—a complete 180 from the nightmare experience we had previously with another elder law attorney in Spring. I am already recommending Mr. Shea to friends and give him my strongest endorsement!!
Mr. Shea was wonderful from the very first call. He helped me sort out what I needed for my mom and how to go about getting everything! He explains it all so that you can understand! I would highly recommend him if you are in need of a lawyer. Thank you so much!!!
Richard is the best. He has kept me informed and up to date on all matters concerning the process.
The Richard Shea Law Firm is the best. Mr. Shea takes care of business in a fast manner. He keeps you promptly informed on every aspect of your case Need more people like him and his firm.
Before I even retained Shea Lawfirms services Richard responded to my emails regarding situations I was dealing with just to be helpful. His attentiveness and quick responses helped me able to address those situations. As a direct result when needing to update our wills and end of life directives he was the first one I called. He's been amazing to work with, very patient, very detailed and accommodating. He continues to go above and beyond!!
What can I say about the Shea Law Firm, there is so much, I will start with my older brother who got sick, and I didn't know anything on how to prepare to get him set for Medicaid, or for the long-term care he will be needing. Mr. Shea was very informative on options, that were out there to help get him set on Medicaid. Mr. Shea was always there to answer your questions, he listens to you like you are a family member, are a close friend. As I stated, I can go on about how Mr. Shea handled my situation, but I'm just going to let you know, when the time comes, and you need an attorney, to handle Probate, Medicaid, or any other family law issues I would definitely go to Shea Law Firm, and talk to Mr. Shea, an attorney who listens to you, and works to find the best outcome. Again, thank you Mr. Shea for all you have done.
Does It Work?
Yes, definitely yes. Here are some recent examples from my asset protection cases:
- I protected over $99,000 for a woman who was already in a nursing home before her family came to me.
- Developed an asset protection plan for a husband that reduced his wife’s nursing home cost from over $5,600 per month down to less than $2,200 per month. That alone saved him almost $3,500 every month. On top of that I created a strategy to protect over $500,000 in assets for his own use that he would NOT have to spend-down. I did this within the 5 year look back period without interfering with his wife’s Medicaid eligibility. In fact it accelerated her eligibility.
- I created an asset protection plan for an unmarried mother that protected almost $30,000 in existing assets and preserved over $75,000 in gifts she previously made during the 5 year look back period for a total of over $100,000 in asset protection. If this family did not come to me once she entered a nursing home they would have been looking at a Medicaid ineligibility penalty of almost 480 days and they would not have protected the additional $30,000.
- I created a Medicaid eligibility plan for a married couple that reduced the husband’s cost of nursing home care from $4,290 per month down to $914 per month. This created monthly savings of $3,376. In addition to this monthly savings I designed a strategy to protect over $80,000 in assets for the wife’s use that the HHSC would have required her to spend down. This asset protection was completed during the 5 year look back period without interfering with her husband’s Medicaid eligibility.
- I protected over $12,000 that an unmarried Medicaid applicant wanted to set aside for her descendants. I was able to do this during the 5 year lookback period without interfering with her Medicaid eligibility. In addition to that asset protection, I helped the family avoid a 116 day Medicaid ineligibility penalty for a transaction they previously completed before hiring me.
Protect What You Have Left
Whenever you have had enough of those expensive nursing home bills coming every month give me a call and we can get to work on putting an end to those devastating bills.