Protection from Long-Term Care Expenses

Protection from Long-Term Care Expenses

 

Without proper planning, the inheritance you expect to leave to your loved ones can be depleted by long-term care expenses.  Even worse, once assets are spent down to the level necessary to qualify for government assistance, there will be little to no funds left for your expenditures not covered by governmental benefits.

 

With the proper Medicaid planning, you can obtain governmental benefits while protecting and preserving a portion of your assets from long-term care expenses to ensure your family’s future financial security.   

 

Medicaid planning can include the use of irrevocable trusts designed to protect your assets from Medicaid spend-down, personal services contracts, a special form of deed for your primary residence to prevent the loss of your residence upon passing, and restructuring of your Will, Revocable Trust and other estate planning documents to assist in preventing your assets from being spent down on long-term care costs. 

 

With certain strategies, timing is critical due to Medicaid’s 5-year lookback period which penalizes you for transferring assets within the 5 years preceding application for benefits.  Due to this waiting period, it is important that these planning techniques are implemented as early as possible.