Oklahoma Long-Term Care Planning for Medicaid and Veterans Benefits
Plan Today to Thrive Tomorrow.
Long-term care planning refers to financial preparation for individuals who anticipate needing assistance with their healthcare and living expenses later in life. Medicaid is a joint federal and state program that can cover the costs of long-term care for seniors at home or in a nursing facility. The catch is that to qualify for Medicaid assistance, individuals must meet specific income and asset requirements. Similarly, VA Aid & Attendance is available to veterans who served during wartime.
Contrary to popular belief, a person does not have to spend all their resources to become eligible for these programs.
That is why it’s important to consult with an attorney experienced in long-term care planning before taking actions that can drastically affect your and your family’s future.
Our Process
At Barrett Legacy Estate Solutions, our process is designed to maximize the savings to our clients while qualifying them for the benefits they are entitled to.
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Step 1: Comprehensive Assessment
First, we meet with you and your other professional advisors to learn about your finances and health situation. What are your current and projected future expenses? What is the return on your investments? Do you want to ensure that you can leave an inheritance for your children or grandchildren? If you are suffering from any medical conditions, what is your prognosis?
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Step 2: Asset Protection Plan
Next, we will develop an asset protection plan tailored to your unique needs and circumstances. This plan may include strategic purchases of assets which are exempt under the Oklahoma Medicaid rules and Veterans Administration regulations as well as the use of legal tools, such as irrevocable trusts and Medicaid-compliant annuities and promissory notes. Once we know which tools best suit your objectives, we advise you on how to re-title your assets and update your beneficiaries. With Oklahoma Medicaid long-term care planning, it is crucial to be aware of the look-back period. In Oklahoma, as with most states, Medicaid has a look-back period during which any asset transfers are heavily scrutinized. Ideally, individuals and married couples will plan far in advance of the need for long-term care to avoid penalties. At this time, we can also assist in selecting the appropriate long-term care setting. One may choose to live at home (via Oklahoma’s Advantage Waiver), in an assisted living facility, or a nursing home.
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Step 3: Filing of Medicaid or VA Aid & Attendance Application
In the last step of our long-term care planning process, we file and manage all necessary applications with the Oklahoma Department of Human Services or the Veterans Administration. Neither you nor your family will have to worry about navigating the confusing and sometimes frustrating government bureaucracies. Our office will handle all paperwork, information requests, and communication with caseworkers. If for some reason the application is denied, Attorney Tyler R. Barrett will pursue appeals on your behalf.
The Consequences of Failing to Plan for Long-Term Care
According to the Genworth 2024 Cost of Care Survey, the annual cost of a semi-private room at a nursing home in Oklahoma is $71,175. With demand on the rise due to the increased rates of dementia and Alzheimer’s disease, this number will only grow over the coming years. As a result, even if you have saved responsibly and set aside a nest egg for your golden years, the security of your retirement and your family’s financial future may still be at risk.
Even worse, failing to properly plan could leave you without the care you need in the event of an illness.
We Can Help Safeguard Your Legacy
Fortunately, when it comes to long-term care, the worst outcomes are typically preventable. Attorney Tyler R. Barrett has helped numerous clients protect their assets and take advantage of programs they spent their working careers paying for via taxes.
Since 2014, Tyler has taught continuing education courses to other lawyers on topics involving Medicaid, Veterans Benefits, asset protection, and irrevocable trusts. And his article entitled “Long-Term Care Planning for Oklahoma’s Farmers and Ranchers” was featured in the February 2024 edition of the Oklahoma Bar Journal.
Tyler also knows what it’s like to be in your shoes. Two of his grandparents succumbed to Alzheimer’s disease. Barrett Legacy Estate Solutions actively supports the Oklahoma chapter of the Alzheimer’s Association, and we have developed contacts who can provide resources and support to our clients and their families who are battling this terrible disease.
Contact Us
at (405) 928-4075 today, or use the form below.
