How to Protect Your Assets When Facing Long-Term Care

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There are few guarantees in life, but if you live into your seventies, eighties, or nineties, it’s possible you will need to seek long-term care assistance. Long-term care provides the type of ongoing care needed when prolonged physical illness, disability, or dementia make independent living too challenging.

Up to 70 percent of all seniors will require long-term care, usually in a nursing home or other facility. There’s just one problem. Long-term care is extremely expensive. If you fail to properly protect your assets at least five years before requiring long-term care, you risk losing your assets in order to pay for your care.

Up to 70 percent of all seniors will require long-term care, usually in a nursing home or other facility. There’s just one problem. Long-term care is extremely expensive. If you fail to properly protect your assets at least five years before requiring long-term care, you risk losing your assets in order to pay for your care.

What is Medicaid Planning?

Medicaid planning uses all available legal tools to help you qualify for Medicaid in the future while still protecting your most important assets. Since Medicaid is a needs-based program, you must meet specific requirements in order to qualify. Unless you want to run the risk of paying for your nursing home or retirement care out of your own pocket, you need to show limited income and few assets in order to qualify for Medicaid.

This can be tricky to accomplish, especially if you have worked hard your entire life to build a life savings and pass down a valuable estate to your children and grandchildren. Medicaid planning makes it possible to maintain that nest egg, leave assets to your loved ones, and still receive Medicaid coverage.

Prepare With Time to Spare

The longer you wait to handle your Medicaid planning, the more difficult it will be. All Medicaid applicants are subject to a “Five-Year-Look-Back Period.” This means that your acceptance into the Medicaid program depends on whether you have transferred assets within the last five years. If you have, you will incur a Medicaid penalty and possibly be denied access to the program.

There’s no denying that the Medicaid planning process is complex and demanding, so you need as much time as possible to complete the process. Attorney Kimberly K. Muenter in Tampa, Florida will help you transfer your assets in the strategic and timely way necessary to avoid problems with Medicaid’s look-back requirements. Call 941.567.1671 to schedule your consultation today.

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