Medicaid Planning
Medicaid planning involves a broad understanding of aging and the law, along with the practicalities of growing older and how that impacts seniors and their families. The earlier a family analyzes their financial and legal situation, the greater likelihood that a properly designed asset protection plan can preserve assets. Medicaid planning considers all the steps needed to protect assets from being consumed by long-term care expenses. Federal and State law provide many Medicaid asset protection planning tools.
Some of the tools used in planning include:
Durable Powers of Attorney
- Health Care Directives
- Special Needs Trusts
- Qualified Income Trusts
- Personal Service Contracts
- Trusts
- Wills
- Immediate annuities
- Rental property
- Long term care insurance
It is imperative to plan for the cost of long-term care through an understanding of the Medicaid program, long-term care insurance and private payment. Medicaid planning is technical and often complex and each client’s circumstances require individual analysis