Elder Law is the focus on special legal needs of the elderly population. This may include estate planning, asset protection, guardianship, disability planning, gift and tax planning, long-term care and retirement planning.
Elder law is comprised of more than estate planning. It requires prior advanced and income planning to ensure an applicant's eligibilty in Florida programs.
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Medicaid is a program intended to help aid individuals who have insufficient financial resources to afford medical care. The 2010 limitations are:
- Community Spouse Resource Allowance = $109,560.00
- Individual Resource Allowance = $2,000.00
- Couple Resource Allowance = $3,000.00
- Maximum Monthly Maintenance Needs Allowance = $2,739.00
- Monthly Income Cap = $2,022.00
- Assets allowed for a low income (less than $808 per month) = $5,000.00
- Monthly Personal Needs Allowance = $35.00
- Shelter Allowance = $525.00
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Income Rules: Florida is an "Income Cap" State. If an individual's gross income is over $2,022 per month, then that individual is not eligible for ICP Medicaid Benefits. The Medicaid Agency does not look at a spouse’s income, if married.
Asset Rules: An individual may retain less than $2,000.00 in non-exempt assets. If the individual is married, then the agency allows the well-spouse to retain a “Community Spouse Resource Allowance” of up to $109,560.00
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Applicants for Medicaid and their spouses may “spend down” their savings by spending them on non-countable assets. These items may include:
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"I broke a mirror the other day. I'm supposed to get seven years of bad luck, but my lawyer thinks he can get me five."
-Steven Wright
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