There are a wide range of Medicaid advisors that can help people with Medicaid asset protection. Some Medicaid advisors are professionals and others are volunteers. Depending on a person's situation, a particular type of Medicaid advisor may be more beneficial to their situation than other types.
However, not all Medicaid advisors care whether they’re best suited for helping people with Medicaid asset protection. Instead, they are just interested in taking advantage of people seeking assistance with Medicaid-related issues.
That’s why it is crucial that people not only select the right Medicaid advisor for their situation, but that they also choose a Medicaid advisor that prioritizes their best interests. This often starts with picking a Medicaid advisor who knows what they’re doing, which is easier said than done since many people are seeking a Medicaid advisor because they are confused about how Medicaid asset protection works themselves.
Medicaid is difficult to understand for most people because even though it is a federal program, it is administered at the state level, which means that Medicaid rules and regulations can vary greatly from state to state.
One of the best ways to choose a Medicaid advisor is to pinpoint the areas of Medicaid that are most important to you and find a trustworthy advisor who is qualified to help you with that aspect of the Medicaid process.
In the case of Medicaid asset protection, Medicaid lawyers are generally the most qualified to help people successfully navigate this area of Medicaid.
Benefits of Hiring a Medicaid Asset Protection Attorney
Medicaid planners come in a variety of shapes and sizes, including:
- Long-term care ombudsmen
- Eldercare financial planners
- Self-planners
- Geriatric care managers
- Insurance agents
- Public benefits case managers and counselors
- Commission-based Medicaid planners
- State health insurance programs counselors
The benefits of choosing a Medicaid attorney over a Medicaid planner for asset protection include but are not limited to the following:
- Medicaid attorneys have an in-depth knowledge and understanding of the Medicaid laws in their state. Medicaid planners often don’t know or understand Medicaid laws nearly as well as Medicaid lawyers do.
- Medicaid attorneys have broad financial planning experience, which is not always the case with Medicaid planners. In addition, Medicaid lawyers can advise clients who exceed Medicaid’s financial limits, which is something that many Medicaid planners can’t do.
- Unlike Medicaid planners, Medicaid attorneys are licensed to practice law and capable of establishing trusts for their clients. Trusts are one of the best ways to restructure people’s income and/or assets to help them meet Medicaid’s financial requirements. Trusts can also be used for Medicaid asset protection.
It should also be noted that Medicaid planners are unregulated and have no requirements regarding advertising, education, or licensing. Plus, since Medicaid planners are not licensed to practice law (which means that they cannot carry legal malpractice insurance), if your Medicaid case is denied due to a mistake on their part, you won’t have any options for recourse.
Unlike Medicaid planners, Medicaid attorneys are educated, regulated, and licensed:
- Medicaid lawyers earn law degrees, pass the Florida state bar, and must pass background and character investigations.
- In most cases, attorneys are required to carry legal malpractice insurance.
- Medicaid attorneys must earn continuing education credits.
- Lawyers are regulated by The Florida Bar.
- Attorneys are required to follow rules of ethics.
Only Licensed Attorneys Are Allowed to Give You Legal Advice About Medicaid Planning
In 2015, the Florida Supreme Court advised that no one other than a licensed attorney is allowed to give people legal advice regarding Medicaid planning and asset protection. If anyone other than a licensed attorney provides someone with legal advice about Medicaid planning and asset protection, they could be charged with practicing law without a license, which is a third degree felony.
In addition, per the Florida Supreme Court’s 2015 Advisory Opinion, anyone who is not a licensed attorney cannot help someone with the following Medicaid planning and asset protection-related tasks:
- Cannot give legal advice regarding spending down or restructuring assets for Medicaid.
- Cannot recommend, prepare, or sell personal service contracts.
- Cannot sell qualified income trust kits or forms.
- Cannot recommend, prepare, or gather the information necessary to complete a qualified income trust.
Other legal issues that Medicaid attorneys can advise you on during the Medicaid planning process that Medicaid planners cannot include:
- How to protect your home
- Wills, trusts, and other estate planning issues
- The pros and cons of a wide variety of Medicaid planning strategies
- Certain income and tax consequences
- Planning for a community spouse’s future
Contact Our Experienced Medicaid Asset Protection Lawyers for a Consultation Today
At HKH Elder Law, we understand the struggles that await people and their families when they try to navigate the Medicaid process and/or figure out their long-term care options either on their own or with the guidance of an unqualified Medicaid advisor.
We do what we do because we want to help individuals and their families avoid struggling through the Medicaid process. We have seen what can happen when people follow poor advice or trust a Medicaid advisor who is just trying to take advantage of them.
Our experienced Medicaid asset protection lawyers know what they’re doing, always prioritize your best interests, and work side by side with you from day one to ensure that you secure the most favorable outcome possible for your situation.
To learn more about HKH Elder Law, and what we’ve done to help past clients, read our clients’ reviews.
Need help with Medicaid asset protection in Florida? Give us a call at (727) 240-2350 or contact us online today to schedule a consultation with our experienced Medicaid lawyers in St. Petersburg.