Medicaid Planning: An Essential Component of Estate Planning

Medicaid PlanningDon’t forget about medicaid planning as part of your estate planning process. Americans are living longer than ever before. And while you may not want to think about it now, the reality is that many elderly people eventually require long-term or nursing home care. In fact, nearly one in two women and one in four men find themselves in nursing homes at some point in their lives. Unfortunately, the cost of nursing home care now averages more than $4,000 per month, and Medicare will not pay for it. The result? Two out of three families will go broke within the first year during a prolonged nursing home stay.

 

Medicaid Planning is part of the Estate Planning Process

Here’s some good news: Jimmy can help you qualify for assistance from Medicaid, without “spending down” all your income, or giving up most if not all of your assets. He can show you a number of legal techniques and strategies that will allow your nursing home stay to be covered by Medicaid, such as Medicaid qualified annuities and trusts… Jimmy can put these and other powerful tools to work on your behalf.

Medicaid Laws are Changing

Medicaid laws are continuously changing, and the federal government has made it increasingly difficult to access benefits. Another danger is that hospitals or nursing home personnel often file Medicaid applications on a senior’s behalf, in a rush to make sure their facility gets paid, but without the legal assistance necessary to improve the odds of assistance being approved or avoiding severe penalties.

Jimmy has helped many families pay for nursing home care and protect assets through proper medicaid planning. You really don’t have to lose it all to get the care you deserve after a lifetime of paying taxes, and to leave something behind for the people you care about most.

Resource: Federal Medicaid Planning Policies