LaGrange: 1023 W 55th St #200, LaGrange, IL 60525 | Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
LaGrange: 1023 W 55th St #200, LaGrange, IL 60525
Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
LaGrange: 1023 W 55th St #200, LaGrange, IL 60525
Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
Medicaid Asset Protection
Illinois Medicaid Asset Protection Lawyers
Many seniors and individuals with disabilities require significant medical assistance, including long-term care. The costs can be staggering, and many people worry about losing their hard-earned savings or being ineligible for Medicaid. The good news is that there are legal strategies that can help you qualify for Medicaid while protecting your assets. At Wilson & Wilson Estate Planning & Elder Law, we understand the complexities of Medicaid law in Illinois and can help you develop a plan to meet your individual needs.
Our experienced LaGrange and Deerfield Medicaid attorneys can:
- Assess your financial situation and Medicaid eligibility
- Advise you on the best strategies to protect your assets
- Help you implement a Medicaid asset protection plan
Our Medicaid attorneys in LaGrange and Deerfield are committed to helping you and your loved ones preserve your savings and enjoy the long-term care you need. Contact us online to learn more, or call our LaGrange office at (708) 482-7090 or our Deerfield office at (847) 656-8958.
Medicaid Eligibility
Medicaid is a government program that provides health insurance to low-income individuals and families. In Illinois, Medicaid is available to children and adults who meet certain income and eligibility requirements.
To be eligible for Medicaid in Illinois, you must:
- Be a resident of Illinois
- Be a U.S. citizen, legal alien, permanent resident, or national
- Have low income and limited assets
- Be blind, pregnant, responsible for a child under 18, disabled, or 65 or older
If you qualify for Medicaid in Illinois, you’ll receive comprehensive health insurance coverage, including:
- Doctor visits
- Hospital care
- Prescription drugs
- Mental health and substance abuse treatment
- Vision and dental care
Medicaid can give you peace of mind, knowing that you and your loved ones have access to quality health care, regardless of your income.
Medicaid Asset Protection
How to Qualify for Medicaid without Sacrificing Your Assets
The federal government’s Medicaid program provides health insurance to low-income individuals and families. It’s a great way to get the quality health care you need. But what if you have assets over the Medicaid eligibility limit? Don’t worry—you may still be able to qualify. Medicaid asset protection trusts can help you protect your property while meeting the Medicaid eligibility requirements.
Here’s how it works:
- You create an irrevocable trust and transfer your assets to it. This means they are not considered part of your estate for Medicaid purposes.
- You apply for Medicaid. Because your assets are now in the trust, they are not counted against you when determining your eligibility.
- You receive the Medicaid benefits you need. You can continue to live in your home and enjoy your assets even though you’re receiving Medicaid.
Note that there’s a five-year look-back period for Medicaid. This means that the government will review any asset transfers that you made in the five years prior to your Medicaid application. If you transferred assets to a trust during this time period, you may be penalized and have to wait a certain period of time before you can qualify for Medicaid.
If you’re considering a Medicaid asset protection trust, it’s important to work with an experienced Illinois estate planning attorney. With offices in LaGrange and Deerfield, our Medicaid planning attorneys can help you structure the trust properly and avoid any potential problems.
Schedule a Consultation With an Experienced LaGrange and Deerfield Estate Planning Attorney
Don’t let your assets prevent you from receiving the Medicaid benefits you need. With Medicaid asset protection planning, you can protect your property and obtain Medicaid benefits.
At Wilson & Wilson Estate Planning & Elder Law, our experienced Medicaid attorneys can help you develop an asset protection plan that meets your individual needs. We’ll find the right estate planning tools, such as trusts and asset transfers, to protect your assets and qualify for Medicaid.
Here are just a few of the benefits of Medicaid asset protection planning in Illinois:
- Protect your assets from Medicaid spend-down. Medicaid requires applicants to spend down their assets to a certain level before they can qualify for benefits. Medicaid asset protection planning can help you protect your assets from the spend-down requirement.
- Qualify for Medicaid sooner. Medicaid has a five-year look-back period for asset transfers. This means that if you transfer assets within five years of applying for Medicaid, you may have to wait a certain period of time before you can qualify for benefits. Medicaid asset protection planning can help you qualify for Medicaid sooner by structuring your asset transfers in a way that complies with Medicaid rules.
- Preserve your assets for your heirs. Medicaid asset protection planning can help you preserve your assets for your heirs, even if you need to receive Medicaid benefits at some point in your life.
If you’re in Cook County, DuPage County, or Lake County and you’re interested in Medicaid asset protection, contact Wilson & Wilson Estate Planning and Elder Law, LLC, today for a consultation. Contact us online to learn more, or call our LaGrange office at (708) 482-7090 or our Deerfield office at (847) 656-8958.
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Meet Our Team
Hear From Our Satisfied Clients
Wilson & Wilson Estate Planning & Elder Law, LLC helped me navigate a very tumultuous time in my life. Sandra and her team were so gentle with me and the processes that needed to take place for a timely distribution. They worked tirelessly to ensure I was supported throughout the process. Although no one is actually prepared for the death of their loved one Sandra made going through it less painful. I’m forever...
Bill Wilson and his staff are amazing! We have known Bill for over 25 years and have trusted him to handle our different legal situations. From his expertise in our estate planning to seeking his advice on handling our elder relative's estate, we are confident we have the best protection by using Bill. My family and I are truly thankful for his knowledge and patience when dealing with such personal and tough conversations...
GOD has blessed me with alot but by people's standards maybe not that much; however Attorney Sandra Schildgen made me feel like a Billionaire! It is also noteworthy that from the front office and assistant personnel gave that feeling "we are family". I look forward in continuing our relationship in the future. GIVE Wilson & Wilson your business.
Great attorneys, and great staff in general, all knowledgeable and extremely helpful..
Everyone was really professional and helpful with assisting me with Estate Planning!
Mr. Wilson has helped our family VERY MUCH. His "down to earth" honesty and integrity made what could have been a difficult situation easy to get through. AND, we felt his rates were reasonable for the personal service we received. HIGHLY RECOMEMDED.
Wilson & Wilson has the experience, knowledge and professionalism to handle complex estate planning needs.They address all the details and devise a tailored plan providing asset protection, growth and wealth management.
I can’t say enough about the way Sandra, Kayla and Jennie handled my legal needs. The Medicaid process for my husband was very complicated for me but this team of professionals handled all of it and kept in touch with me through the entire process. Every concern and question I had was promptly addressed and I am very satisfied with the final outcome from the appeal Sandra filed for us. In addition to...
Our experience with Wilson and Wilson in updating our estate planning documents was great. Sandra and Kayla were wonderful to work with. Sandra took the time to make sure we understood the language and elements of each document. She is very knowledgeable thorough understanding and open to suggestions and changes. The work was completed in a minimum amount of time. We feel fortunate to have had such a great worry-free experience working with...
We just received the refund from the facility today. Thank You so very much for all your help with my Mom's file. You and the staff at Wilson & Wilson Estate Planning & Elder Law LLC are outstanding people. It is an Honor to have your law office represent us. I would like to keep in touch with you for future family business.
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