Olsen Law Group's Medicaid Assessment

Attorney Tom Olsen: We here at the Olsen Law Group, you offer people what we call a Medicaid assessment. Because when we talk to people about, well, you can protect your home, your annuities, your income, your savings, your vacation home, people are out there saying, well, what about me? What about this? I've got mental rights and I've got a vacation home and I've got a business. What about me? Well, we've got a great solution for them that Olsen Law Group exclusive has called a Medicaid assessment.

Attorney Robert Hidock: Yes. It's a wonderful tool, and it's set to give one peace of mind and to create a blueprint for somebody to follow when something bad happens or a medical event happens. You can call our office, and Lindsey will email you a Medicaid assessment form. Then we'll get it back, we'll review it, we'll call you into the office and we'll give you a Medicaid assessment.

What you'll do is you'll tell us what your income is, what your assets are. Then I will go down there, go down the list. I'm going to tell you, yes, this asset is protected. If it's the house, it's not a countable asset, but you've got to have a ladybird deed on it so Medicaid can't come after it for recovery. Yes, the IRA is not a countable asset, but the income is. Yes, I can tell you a way that we can protect that too. Then I'm going to tell them, ultimately, what the issue is. If it's husband and wife, I'm going to give them one plan. Then if it's wife to kids or whatever, I'm going to give a second plan.

They'll have peace of mind knowing that the assets that they've been working hard for their whole life can go to their family, either from spouse to spouse or spouse to kids. That's usually it, if they have kids. If not, maybe it's a niece or something like that. It gives them the peace of mind to know what they can do. Then the plan is actually set. We've had two or three people that we've actually done the assessment for. Then I get the call from one of their power of attorney, something's happened, dad had a stroke. Then I'm like, okay, just come on in and we'll take care of it. No questions asked.

Tom: Robert, I absolutely love that. It's a Medicaid assessment that we do here at the Olsen Law Group for people, and sometimes you refer to it as a blueprint. I know you put it in a notebook, nice and organized for them. It's a blueprint, and you tell the clients, look, tell your kids. If mom has to go into a nursing home, I've got to go into a nursing home, we both have to go into a nursing home, here's our blueprint. This tells you exactly what needs to be done at that moment in time.

Robert: Yes, and it also comes with the most updated power of attorney that we have.

Tom: Nice. As far as a personal services contract, do you sometimes put those into place right now? Because the bottom line is the younger you are, the more you can protect, and sometimes it's better to do it now even if you don't fund it.

Robert: Personal service contracts are based on life expectancy. That's what they look for. We can always execute personal service contracts, lock in the life expectancy as it is, and then no money needs to be transferred until they're applying for Medicaid.

Tom: Robert, thanks so much. Hey, folks. Thanks so much for all your great calls and questions today. We do so much appreciate it. My name is Tom Olsen. The name of the show is Olsen on Law.