Long-Term Care & Medicaid Planning
We feel bulletproof when we are young. The thought that our body could fail us one day is hard to fathom, but time is one adversary that remains undefeated. As you approach your golden years, it is important to ensure you have a plan for protecting your assets in the event you require long-term care.
I can help you make sure you have a plan in place to protect your future, your access to long-term care, and the estate you have worked so hard to build. My estate planning and elder law practice is devoted to helping families, including those planning for the costs of long-term care.
Your Financial Success Is A Double-Edged Sword
Long-term care is expensive. It can quickly wipe out the savings of people who have otherwise lived a comfortable middle or upper-middle class lifestyle. Families with a loved one in long-term care often turn to Medicaid to cover the costs and avoid wiping out their assets. However, Medicaid is a means-tested program, and having too many assets can make a personal ineligible.
This financial Catch-22 is why it so important to have an experienced attorney help your family with Medicaid planning. Proper planning can ensure that your estate is set up in a way that maintains your Medicaid eligibility while protecting your assets. This can often be accomplished with the help of trusts and other estate planning methods that can be beneficial for reasons beyond Medicaid planning.