FAQ Friday: Medicaid Planning - Is it the right plan for your family?
On Friday, January 21st at 11 a.m. EST, Mr. Berger discusses exactly what Medicaid planning is and whether or not it's the right plan for your family.
Medicaid pays for nursing homes. Maryland medical assistance can come once you provide 5 years of tax returns. The only practical way to get assistance is to go to a nursing home.
One way to plan for this is to setup a Revocable Trust for the benefit of your children. In doing so, your children can take distributions and pay for their parents care directly.
Another option is to put a life estate deed on their house. Another option is crisis planning which works well when one spouse stays in the home and the other moves toa nursing home. It’s a matter of splitting assets to account for the right amount of assets needed to qualify.
We suggest for our clients that you buy long-term care. If you don’t end up using it, it would pay out as life insurance. IRA money can also be used for in-home care or assisted living.
We are not strongly suggestive of Irrevocable Trusts. Being prepared, accumulating assets and purchasing long-term care so you can avoid nursing homes.
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Bring your questions about estate planning and administration to our weekly Facebook Live with Mr. Berger on Fridays at 11am EST. Leave your email if you’d like to receive a notification of our response.