What do I need for asset protection and Medicaid planning?
You need to meet and speak with a competent attorney to come up with a well thought out plan for preserving your assets for long-term care planning.
To protect your assets, you need to meet and speak with a competent attorney to come up with a well-thought-out plan for preserving your assets for long-term planning.
With the Deficit Reduction Act of 2005, it is much more difficult to meet the requirements for Medicaid as a citizen age 65 and older in need of long-term health care. The most severe consequence of this act is the directive that transfers made within a “Medicaid look-back period” would render a person ineligible for Medicaid services.
With this five-year look-back period taken into consideration, and given the complexity of the application process, many people have been reluctant to engage in Medicaid planning.
However, Medicaid planning should be employed to counter these adverse requirements and protect one’s assets.
For those who may be wary of expending their savings due to the high cost of long-term care, a transfer of assets, following a well thought out plan is highly recommended. Transfer of assets, if done correctly, can be beneficial.
There are some asset protection strategies that could prove very useful, such as Federally exempted funds, Caregiver agreements, and Pooled income trust.