Asset Protection planning can ensure that you get the health care you need while preserving income for yourself and assets for your heirs.
Long-term health care is expensive, whether it is provided in the home or in a nursing home. For many people with a home and some assets, much or even all, of those assets might have to be used to pay for health care if those assets are not protected.
However, there are legal strategies that can protect your income and assets. The most important strategy is called the Irrevocable Asset Protection Trust. The purpose of this trust is to retain income for you while protecting the assets for your spouse, children or other beneficiaries should Medicaid be required to pay for long-term health care in the future.
If protecting your assets is important to you, the ideal time to plan your long-term care is at least five years prior to your anticipated need for care. Medicaid for nursing home care has a 5-year “look back” and Community Medicaid will soon have a 30 month "look back" so those who have established a Trust more recently might not qualify for Medicaid Benefits. The Irrevocable Asset Protection Trust is the cornerstone of our Elder Care Protection Plan services. We would be happy to consult with you to determine if an Elder Care Protection Plan would be appropriate for your needs and if so, the best timing to complete the plan.
The implementation of our Elder Care Protection Plan would consist of estate and incapacity planning, asset protection with the Irrevocable Asset Protection Trust and finally, help the client and family prepare for long term health care in the future together with all of the advice and support from the team at Tully Law Group through the entire process.