North Carolina Medicaid and Your Assets
Medicaid, an essential safety net for many of our neighbors in Raleigh and Wake Forest, North Carolina, helps cover the cost of long-term care for those with limited financial resources. As such, it’s important to understand how the NC Medicaid program assesses your financial status and, specifically, your assets.
North Carolina Medicaid performs an initial check of your assets when you first apply to verify that your income and assets are within the program’s limits. Medicaid then audits your assets yearly if you qualify. If your resources exceed the allowable limit, you may risk losing your eligibility for Medicaid benefits.
In such complex situations, we, at Brady Cobin Law Group, PLLC, can help you understand the system and develop a plan that protects your assets while preserving your Medicaid eligibility.
Why Assets Matter to Medicaid
Assets are a focal point for Medicaid audits because they directly reflect your financial status. Assets include, but are not limited to: real property, vehicles, bank accounts, retirement accounts, life insurance, annuities, and brokerage accounts. The funds in these accounts are considered countable assets, impacting your Medicaid eligibility.
While Medicaid’s rules and regulations can be complex, we’re here to simplify them for you. Our goal is to help you understand the nuances of Medicaid, assets, and how they intertwine with estate planning. By doing so, we aim to ensure that you can meet Medicaid’s financial eligibility criteria while preserving your hard-earned assets.
How a Lawyer Can Help with NC Medicaid Regulations
Engaging a lawyer well-versed in North Carolina’s Medicaid rules can be immensely beneficial. While the periodic checks on your accounts by Medicaid are routine, they have substantial implications. If your asset balance exceeds the program’s financial thresholds, your Medicaid benefits could be at risk.
Our role at Brady Cobin Law Group, PLLC, is to help you understand the rules, craft a comprehensive plan, and address any potential issues proactively. We work with you to protect your assets and meet Medicaid’s requirements through strategies like proper estate planning and creating trusts, enabling you to maintain your eligibility and secure your financial future.
Understanding Complex Medicaid and Estate Planning Laws
Medicaid and estate planning laws are complex and often challenging to navigate without professional help. Trying to understand these rules and regulations while dealing with the stress of a health condition requiring long-term care can be overwhelming.
We’re here to lighten that burden. Our lawyers can guide you through the maze of laws, ensuring you’re fully informed and prepared to make decisions that are in your best interests. With our guidance, you can successfully navigate the system, protect your assets, and secure the best possible outcome for your future.
Contact Brady Cobin Law Group, PLLC Today
It’s crucial to have professional support when dealing with Medicaid’s financial checks and the complicated world of estate planning. At Brady Cobin Law Group, PLLC, we are committed to helping our clients in Raleigh and Wake Forest, North Carolina, understand and manage these complexities.
If you need assistance in understanding NC Medicaid’s financial checks on your assets in crafting an estate plan that protects your assets, we’re here to help. Call us at (919) 782-3500 or contact us online today to speak with a compassionate Raleigh elder law attorney.