Many families worry that a nursing home stay will leave nothing for a spouse or children. The good news is that there are strategies to protect assets.
If care isn’t immediately needed, one option is long-term care insurance. Another option is to create an irrevocable Medicaid Asset Protection Trust, which can shelter assets from being counted for Medicaid eligibility. Outright gifting assets is another option.
If care is currently or imminently needed, Medicaid-compliant annuities or promissory notes can be used to preserve a portion of the assets. Strategic use of exempt assets can also be used. Married couples may use spousal protection rules to preserve a portion of income and resources for the healthy spouse.
Medicaid has strict eligibility rules. Taking action now can provide peace of mind and help secure your financial future. Call to schedule an appointment.
