The Law Office of Jeffrey P. Story, LLC
Medicaid Planning

Medicaid Planning

What Medicaid Planning by an Elder Law attorney comes down to is finding a legal strategy to preserve an elder’s assets for his or her care using Medicaid benefits, while leaving his or her remaining preserved assets that were not needed to his or her estate. There are two major strategies used by attorneys to accomplish this, Legacy Trust Planning or Crisis Medicaid Planning, typically following a major healthcare event. I also draft Medicaid Planning Memorandums to help elders be advised as to options that can be taken to save assets with Estate Planning tools and following statutory law and Medicaid administrative code provisions.

Legacy Trust Planning

By establishing an irrevocable trust, an elder can gift their home and other assets to this trust with a trusted child or friend serving as Trustee and in five years time, none of the assets in the trust’s name will be deemed as countable by Illinois Medicaid. There are tax advantages and asset protection from Financial Exploitation inherent in this trust. It is the most comprehensive Medicaid Planning tool and can hold a wide variety of real estate and other assets.

Crisis Medicaid Planning

Provided the elder has the capacity to sign a new Power of Attorney for Property, half of their liquid assets can be saved quickly and half of the proceeds from real estate may be also saved, once the property is sold. There are Administrative Code Provisions and Statutory Laws that protects spouses, minor children or adult children with disabilities, to name a few. The most common asset protection is the Gift/Annuity strategy that allows an elder to save half of their assets and use the other half to leverage their admission into a desirable skilled nursing facility. The gifted funds can be re-gifted for the elder’s benefit in goods and services, with the remaining assets at the elder’s death passing to their estate.

Medicaid Planning Memorandum

By obtaining a Medicaid Planning Memorandum an elder will have knowledge of strategic options to employ to save their home or purchase a share of a child’s home. They may want to help one of their children obtain the family home or desire to live with one of their children while aging in place with dignity. They may want to make sure their spouse is fully protected from Medicaid liability and sheltered from contributions to their care, or to structure assets to be paid to their spouse as a part of asset protection planning and all of this is helpful knowledge when making decisions in later life.

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Excellent attorney who cares about people

I found Mr. Story on a website - I live in Texas but had a matter taking place in Evanston, IL and I needed legal assistance. I'm certain that Mr. Story is a busy man but he listened to my long, detailed issue. He asked questions - he was genuinely concerned and gave me excellent information so that I could move forward. It's so hard not being in the same state when you are trying to take care of an important matter. He took the time to walk this through with me and I was so grateful that I found him.

~ Monica July 16, 2019

I hired Jeffrey to help me navigate the paperwork for my mother’s Medicaid application. I was being 100% honest on the application, but I knew there were going to be things in our case that looked odd to the caseworker. How true this turned out to be. The application was ultimately approved, but it took nearly a year. In that terribly stressful time, through every additional set of document requests, I relied on Jeffrey’s advice and counsel. He kept me calm, focused, and on track. He knew when to push back when the requests were ridiculous, and when to seek additional advice when they were baffling. And through it all he never billed me for a single dollar more than the flat fee I paid up front. I highly recommend Jeffrey.

~ Frank September 8, 2022
Will & Trust

Jeff executed a Will and Trust for my elderly mother. He gave us expert advice and helped my mother enormously with a contentious situation. We initially contacted Jeff because he specializes in legal affairs for the elderly and found his knowledge and sensitivity to issues most reassuring and helpful.

~ anonymous September 7, 2022
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