Medicaid & Planning for Long-Term Care
Leave a Legacy. Age with Dignity.
The Problem. |
|
Long-term care is expensive, and many Americans can't afford it. More than 10,000 Americans turn 65 every day, and the majority of these Americans will need long-term care services. While we should all have long-term care insurance to pay for these services, for many Americans--whether due to health, cost, or age-- insurance is not an option. In the meantime, the cost of long-term care can be upwards of $100,000/year; and yet, the median household income of older households is $42,000 a year. Privately paying for long-term care will quickly impoverish these Americans, undermining many individuals' goals of leaving a legacy and aging with dignity.
What is Medicaid?
Medicaid is a government benefits program that, unlike Medicare, will pay for nursing home costs. However, there are strict income and asset requirements that must be met for an individual to qualify for Medicaid. We help clients evaluate best options for proactively planning for eligibility, and for obtaining immediate eligibility in the event of a crisis.
Proactive Planning.When working with clients long before they may need to qualify for Medicaid, we have the opportunity to devise an estate plan that allows these clients to both leave a legacy and age with dignity. Such a plan may include outright gifting, transferring assets into special trusts, and reallocating assets from countable assets to non-countable assets. |
Crisis Planning.In times of crisis, we help clients devise a plan so they can become immediately eligible for Medicaid while still enabling them to leave a legacy to their loved ones. Although our options are more limited in crisis situations, we can still honor our clients' goals and provide them with peace of mind and dignity in these difficult times. |
Let's Get Started.
Not sure if this kind of planning is right for you? Reach out today for a complimentary consultation and together we can devise the best plan for your needs.
