How to protect assets from nursing homes
A person facing the prospect of long-term care with moderate income and assets may eventually have to rely on Medicaid to pay part or all of the cost of care. But many states rob a healthy spouse of a previously adequate income by allowing too little in protected resources and income. Likewise, children, relatives and friends are not recognized for the financial sacrifices they make in providing the early care before a recipient becomes bad enough to need Medicaid funded professional help. Medicaid planning, using a professional Medicaid planning adviser or qualified elder law attorney, allows you to correct inequities in the system.
Medicaid planning and Proper use:
Some individuals, who would normally have too many assets to ever qualify for Medicaid, CAN PLAN many years in advance, to give away everything to their family so as to qualify for Medicaid. THIS DONE PROPERLY WILL insure an inheritance for the family. And if that person is not anticipating immediate care, this strategy CAN HELP PAY FOR OTHER CARE IN THE FUTURE.
Medicaid planning is no different from tax planning. In fact a Supreme Court decision condones honest methods of eliminating income taxes or estate taxes. Just like tax planning, Medicaid planning uses existing laws to structure legal strategies.
Tax planning and Medicaid planning both CAN EASE THE BURDEN OF A SURVIVING SPOUSE OR LEAVE A LEGACY TO THE FAMILY, but one is considered ethical and the other not. We believe that all strategies have their place in the scheme of things.
Medicaid planning fits certain circumstances usually where families are in a crisis mode trying to preserve a few assets such as a house or a savings plan. There is no attempt to take advantage of the taxpayers. Using other strategies for paying the cost of care is much better for a younger generation wanting a plan that will allow for home care, assisted living and a choice in care services.
Start protecting assets from nursing home costs by calling 844-844-6334
