Is Medicaid Planning Legal In Colorado?
Do you think Medicaid is only for people who have low incomes? Are you wondering about the ethics of applying for Medicaid when you have a good income or have significant assets?
Consider this: With an average monthly cost of $7,854 for nursing home care in Colorado as of 2017 — and one to two thousand more in Denver — even millionaires can run out of funds before their need for nursing care ends.
The reality is that Medicaid planning is completely legal. In fact, not only can proper Medicaid planning save assets for your family, but every single Medicaid planning technique we use at The Hughes Law Firm, P.C., is 100% legal under both federal and Colorado law.
Medicaid Is Not A “Welfare” Program
Some people consider Medicaid a “welfare” program designed to only help the poor (and not the middle-class). The truth is that there are laws in place that dictate how and when a person can transfer and gift assets in order to qualify for Medicaid sooner. This means that it is not only legal, but expected.
What are the ethics of Medicaid planning?
There is nothing inherently sinister or illegal in arranging one’s affairs to keep money out of the hands of the government. ~ The Supreme Court of the United States
So, why should you and your family have to lose everything before you can get Medicaid coverage while others who squandered their money their entire lives get Medicaid benefits right away? Simply put, you should not have to suffer simply because you tried to save for the future.
One of the worst things you can do is to attempt to hide assets and then not report them on your Medicaid application. To do so is fraud, which can get you into a lot of trouble. At The Hughes Law Firm, our lawyers can help you find a better ― and legal ― way to qualify for Medicaid sooner. Let us help you take full advantage of the laws currently in effect.
To learn how to plan now ― while you’re healthy and a long way from needing nursing home care ― read our case study, The Lifetime Bulletproof Trust ™ . It will show you the ropes of advance planning without having to buy long-term care insurance or ever going broke in a nursing home.
Free Medicaid Consultation ~ No Obligation
Contact us today for your free 20-minute phone consult to see if we can help you. You can reach us online or call us at 720-222-4905. We have offices in Denver, Fort Collins and throughout Colorado. The sooner you call the better, especially since many Medicaid planning techniques can take years to execute. Your future and the future of your family are too important to wait any longer.
For more information about Medicaid, check out our FAQ page, and contact to one of our attorneys today.