Tips for Protecting Your Money from Medicaid
As many people are approaching age 65 and beyond, it is more important than ever for baby boomers to consider appropriate strategies to protect their money from Medicaid. Most of these adults do not have long term care insurance or enough personal assets to pay for nursing home and related care, however, many of them may need it.
Many people don't want to face this issue because of the complexities surrounding Medicaid which is managed at the state level but aging individuals will need to pay attention to nursing facility care in order to protect themselves.
The sources of payment for long term care are very limited to long term care insurance, the patient's own money, and Medicaid. If the person cannot afford long term care, they should be interested in learning about Medicaid. There are five key strategies that can be used to protect a person's individual assets from Medicaid. These include:
- An asset protection trust.Private annuities or promissory trusts.
- Private annuities or promissory trusts.
- Pooled income trusts.
- Caregiver agreements.
- Spousal refusal and spousal transfers.
To learn more about these individual opportunities, set up a consultation with an experienced Medicaid planning lawyer who can help you look into the future and figure out a strategy that protects your assets and keeps your best interests in mind.