Fundamental Questions
What is Medicaid Planning?
Medicaid planning helps you qualify for Medicaid assistance for long-term care expenses without losing your assets. It involves structuring your estate and assets in a way that protects your wealth while ensuring eligibility for Medicaid benefits.
How can long-term care planning help me protect my assets?
Long-term care planning involves strategies like trusts and asset transfers that help you keep your assets while still qualifying for Medicaid or other benefits. Proper planning ensures your wealth is preserved for future generations.
At what age should I start planning for long-term care?
It’s never too early to start thinking about long-term care. However, planning becomes especially important as you approach retirement age or experience health changes that may require long-term care.
Can my children be involved in my long-term care planning?
Yes! In fact, it’s a good idea to involve family members in the planning process to ensure everyone is on the same page about your healthcare decisions and financial management.
Do I need to update my long-term care plan?
Yes. Your plan should be reviewed regularly, especially if your financial situation changes or if you experience a significant health event. A periodic review helps ensure that your plan remains effective and aligns with your current circumstances.