Protecting Your Assets While Seeking Medicaid

The need for a nursing home or assisted living facility is not always clear until the last minute. If you think that you or a loved one will need Medicaid sometime within the next five years, it is important to start planning now. At The Pilkington Law Firm, PLLC, in Tulsa, Oklahoma, we have extensive experience minimizing the impact of the five-year look-back for our clients.

We take a strategic approach to helping our clients and their loved ones qualify for Medicaid. Attorney Gilbert J. Pilkington, Jr. has a technical and military background. He knows how to break down a complex situation to find the right resolution for our clients.

Minimizing The Impact Of The Five-Year Look-Back

To qualify for Medicaid, the value of your countable assets must fall below a certain threshold. Because many people have too many assets for Medicaid qualification, they attempt to spend down assets until they fall below the threshold.

When you apply for Medicaid, however, the government will review your finances over the past five years. If it is clear that you have attempted to spend down your assets in an effort to qualify for Medicaid, you may be penalized. However, when you or a loved one needs Medicaid to cover the cost of a nursing home or assisted living facility, your options are limited.

Attorney Gilbert J. Pilkington, Jr. will carefully review your assets and assess your options. He will then make a recommendation about how to minimize the penalties you may incur while maximizing the property you are able to keep. Options he may consider include establishing a special-needs trust or gifting certain property — such as a home — to a trusted individual who will use it to your benefit.

Call Us Today To Schedule A Free Consultation

The best way to get started is to speak with one of our lawyers in a free initial consultation. To schedule yours, send us an email or call us at 866-591-9408 or 877-627-8540.