There is a body of planning called nursing home planning or Medicaid planning in which strategies can be implemented to preserve assets for use by the family. Home care costs and nursing home costs can be prohibitive and should be a part of our planning as we age. Some have enough wealth to self pay, or purchase long term care insurance others may qualify for Veterans benefits or because of lack of wealth qualify for Medicaid and are able to obtain nursing home assistance.
Pre-planning strategies in this area ideally include five years of lead time and may include exempt resource planning, asset protection trusts, caregiver agreements, gift strategies, disclaimers, and spousal transfers. Sometimes people are unable to take advantage of pre-planning and we refer to this group as crisis planning. There are other tools in crisis planning that may include spend down strategy, gifts (even though they will cause a period of disqualification), may include annuities or promissory notes.
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WE CAN HELP WITH THE FOLLOWING
Medicaid & Assisted Living Planning:
Beneficiary Designation Planning
Power of Attorney
Health Care Directive
Medicaid Asset Protection Trust
Medicaid Exemption Planning
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N. Larsen | St. George, Utah