Medicaid Planning Protect Your Assets While Preparing For Long Term Care
Long-term care can be expensive, and many families worry about how to cover costs without depleting their assets. Medicaid planning is a legal strategy designed to help individuals qualify for Medicaid benefits while preserving as much of their estate as possible.
What Is Medicaid Planning?
Medicaid planning involves arranging your finances and assets to meet Medicaid eligibility requirements for long-term care, including nursing home care and in-home assistance.
Why Medicaid Planning Matters
- Protect Your Savings: Without planning, long-term care costs can quickly consume your life savings.
- Qualify for Benefits: Medicaid has strict asset and income limits; strategic planning helps you meet these criteria.
- Provide for Your Family: Proper planning can shield assets like your home or inheritance for heirs.
Common Medicaid Planning Strategies
- Asset Transfers: Gifting or transferring assets to family members within legal limits.
- Establishing Trusts: Using trusts to protect assets while qualifying for Medicaid.
- Spend-Down: Legally spending excess assets on allowed expenses to meet Medicaid thresholds.
- Long-Term Care Insurance: Complementing Medicaid with private insurance options.
Important Considerations
Medicaid has a look-back period (usually five years) examining asset transfers; planning must comply to avoid penalties.
Consulting with professionals ensures your strategy aligns with current laws and your goals.
How Johannesmeyer & Sawyer, PLLC Supports You
Our knowledgeable team provides tailored Medicaid planning advice to help clients balance care needs with asset protection. We work closely with you to understand your situation and develop a plan that safeguards your financial future while securing necessary care.
Preparing for long-term care can be complex, but you don’t have to face it alone. Reach out to Johannesmeyer & Sawyer, PLLC for Medicaid planning guidance.
Contact us today 803-266-9910 or hello@jandspllc.com