It can be difficult to see a loved one age and their ability to care for themselves diminish, especially when they are unable to get the care they need. It is important to consider the possibility that your loved one might require in-home health care or living at a nursing home facility.
Because the cost of either type of care can be extensive, many are fearful that their loved one’s assets will be depleted. No one wants to see their hard-earned retirement disappear or lose their home to pay for necessary care late in life.
Medicaid is a viable option, but it is something that requires planning. Because there are financial requirements, it is important to understand what financial and estate planning are necessary to ensure Medicaid qualification and asset protection.
Proactive Medicaid planning
While it is difficult to project the ailments and diagnoses the future will bring, it is important to consider the high costs associated with the care required if this occurs in your later years. A dementia diagnosis can take your life by storm. It is not only costly to live in a memory care unit, but it can also cause panic to ensue among your loved ones. Thus, it is important to consider this and other possible diagnoses during the Medicaid planning process.
Dementia and other diseases that impact memory can impact a person for a decade or longer. This means considering very costly care for over a decade. But this does not mean your family has to quickly spend down your money to qualify for Medicaid. Proactive Medicaid planning considered Medicaid eligibility while planning ahead, allowing you to safeguard most if not all your assets. Often, this means setting up an irrevocable trust, having an adult child or another family member serve as the trustee.
It can be difficult to see a loved one age and their ability to care for themselves diminish, especially when they are unable to get the care they need. It is important to consider the possibility that your loved one might require in-home health care or living at a nursing home facility.
Because the cost of either type of care can be extensive, many are fearful that their loved one’s assets will be depleted. No one wants to see their hard-earned retirement disappear or lose their home to pay for necessary care late in life.
Medicaid is a viable option, but it is something that requires planning. Because there are financial requirements, it is important to understand what financial and estate planning are necessary to ensure Medicaid qualification and asset protection.
Proactive Medicaid planning
While it is difficult to project the ailments and diagnoses the future will bring, it is important to consider the high costs associated with the care required if this occurs in your later years. A dementia diagnosis can take your life by storm. It is not only costly to live in a memory care unit, but it can also cause panic to ensue among your loved ones. Thus, it is important to consider this and other possible diagnoses during the Medicaid planning process.
Dementia and other diseases that impact memory can impact a person for a decade or longer. This means considering very costly care for over a decade. But this does not mean your family has to quickly spend down your money to qualify for Medicaid. Proactive Medicaid planning considered Medicaid eligibility while planning ahead, allowing you to safeguard most if not all your assets. Often, this means setting up an irrevocable trust, having an adult child or another family member serve as the trustee.
Qualifying for Medicaid
There is a distinction between income and assets when it comes to Medicaid planning. The main issue is your ability to access your assets, which means that planning for Medicaid eligibility means utilizing various legal strategies to convert your assets into a stream of income. However, it is important to note that the rules change frequently in each state, making it difficult to withdraw or move money without the potential of losing Medicaid benefits.
Proactive Medicaid planning is a great step to take, especially before you need care. A legal professional can ensure eligibility based on current laws, helping you understand any updates or changes necessary to your current planning.
There is a distinction between income and assets when it comes to Medicaid planning. The main issue is your ability to access your assets, which means that planning for Medicaid eligibility means utilizing various legal strategies to convert your assets into a stream of income. However, it is important to note that the rules change frequently in each state, making it difficult to withdraw or move money without the potential of losing Medicaid benefits.
Proactive Medicaid planning is a great step to take, especially before you need care. A legal professional can ensure eligibility based on current laws, helping you understand any updates or changes necessary to your current planning.