How a Medicaid Assessment works

Attorney Tom Olsen: Medicaid Assessment again, it's so valuable. I know when you get it's customized to the client. It is based on what their circumstances are, what assets do they have, what kind of assets do they have, what's their monthly income from social security and pensions and air force retirement, et cetera. Then we put a plan together for them. You put it in a notebook, nice and organized. They walk out of here. Now they fully understand how to protect your life savings from nursing homes. Also, they can take this notebook and they can share it with their kids and so now the kids know what to do if and when the time comes.

Attorney Robert Hidock: That's the most important part. In fact, as part of the assessment, if you're a married couple, the assessment will protect how we're going to protect assets from one spouse to the other. However, if both spouses should end up in the nursing home like my grandparents did or if one's spouse should die and then at the time healthy spouse has to go in a nursing home, we're going to protect all those assets for their kids. That's also part of the plan, so they don't have to worry.

Attorney Tom Olsen: Just a little while ago, you spoke about a customer that you had last week and you had done a Medicaid Assessment for them back late last year, right?

Attorney Robert Hidock: September.

Attorney Tom Olsen: They didn't know what was going to happen, but sure enough, it happens. I guess it was mom that needed to go into a nursing home. You put that plan into place and you protected $500,000 of her lifelong savings from nursing homes.

Attorney Robert Hidock: We did and we actually duplicated her estate plan. One son got $250,000. The brother who lives in Tennessee got the other $250,000.

Attorney Tom Olsen: End result was that that money did not go down the drain with nursing homes at $8 to $10,000 a month. It got passed on to her sons just like she wanted.

Attorney Robert Hidock: Her wishes were fulfilled.

Attorney Tom Olsen: Awesome. Well, folks, we do want to let you know that we do offer that service here at the Olson Law Group, specifically, Robert Hidock does that for us. He's an attorney with our firm.