Nursing Home Medicaid Planning

Whether you are single or married, when you are faced with the need for long-term care in a nursing home, the question of preserving your assets for your heirs usually arises.  This requires skillful planning.  The February 2006 changes in Medicaid eligibility laws have made it more difficult to ensure that all your assets do not go to the nursing home.  Accordingly, consulting with attorneys like us who are well-versed in Medicaid planning techniques is vitally important if you have assets you wish to protect.  With a wide variety of tools available, including irrevocable trusts and annuities, it is best to consult with an expert who will help you choose the most advantageous planning tools for your particular situation.

When should you consult with an attorney for Medicaid planning?

Some folks may choose to consult with an attorney years in advance of potential long-term care.  If you are particularly concerned about preserving assets for your children, you may want to consult with an attorney now for Medicaid planning. Even if long-term care may still be years away, creating and carrying out a plan for gifting can help to keep those transferred assets outside of Medicaid's five-year look-back period.

In any case, as soon as it becomes apparent that you or a loved one is going to need long-term nursing home care, be sure to make an appointment with us to discuss Medicaid planning.  The sooner you consult with an attorney, the more of your hard-earned assets you may be able to preserve.

At Niehaus Law Office, LLC, we are very familiar with the “ins and outs” of Medicaid planning tactics.  We will assist you in choosing the most beneficial planning options for your particular situation.  Call us today to schedule an appointment.