Medicaid and Long-Term Care
Navigating Medicaid Medicaid helps cover long-term care costs for those with limited income. It's essential for expenses not covered by Medicare.
Asset Protection Strategies
- Medicaid Trusts: Protect assets while qualifying for Medicaid.
- Spend-Down: Reduce assets to qualify.
- Annuities and Promissory Notes: Convert assets into income streams.
Legal Considerations
Guardianship and Conservatorship If a loved one becomes incapacitated without legal documents, a court may appoint someone to make decisions for them.
Protecting Against Elder Abuse Elder abuse includes physical, emotional, and financial harm. Legal measures like power of attorney and guardianship can help protect individuals.
Common
Questions
- Update Estate Plan: Review every few years or after major life events.
- Protect Home from Medicaid Recovery: Strategies include trusts and transfers.
- No Will: Assets are distributed according to state laws.
- Healthcare Wishes: Use a healthcare proxy and living will.
- Will vs. Trust: Wills go through probate; trusts manage assets during life and after death, often bypassing probate.
- Need an Attorney: Yes, for legal guidance and compliance.
