People have asked: what is Medicaid planning? In simple terms, it is estate planning that is focused on making sure you can qualify Medicaid long-term care benefits while maximizing the amount of money you (and your family) get to keep. This can be done years ahead of time or in a crisis situation when long-term care is needed immediately, though it’s always more effective when done ahead of time.
This is important because a majority of people who need long-term care end up using Medicaid to pay for at least a portion of their care. Without proper planning, Medicaid can force you to “spend down” your assets in order to qualify. What that really means is that you may have to pay out-of-pocket for your long-term care which can cost $7,000 or more per month.
Our goal at Wallace Boggs, PLLC is to make sure the nest egg that you’ve spent your life building can be passed down to the people you care about. If you’re interested in discussing Medicaid planning, please contact us today.