The rising cost of nursing home care has many older adults and their families concerned about how to protect their hard-earned savings.
It’s not uncommon for families to discover that long-term care can quickly deplete an estate.
Fortunately, there are steps you can take to help protect your assets and plan ahead.
One common strategy is to work with an experienced elder law attorney to create a Medicaid plan.
Medicaid can help cover long-term care costs, but eligibility is based on income and assets, so proper planning is essential.
In many cases, creating an irrevocable trust can help protect assets while maintaining eligibility.
Another option may include converting countable assets into non-countable ones, such as purchasing certain types of annuities or making home modifications.
Timing is also crucial.
Medicaid has a five-year “look-back” period, meaning asset transfers made within five years of applying for Medicaid could result in penalties.
The key is to plan early, ideally before care is needed. Last-minute planning is possible, but options become more limited.
We are committed to educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help.
0 comments