How Can You Protect Your Assets From The Costs Of Long-Term Care?
The costs of long-term care are significant. Many people find themselves needing to spend the majority of their assets – if not all of their assets – to obtain the long-term care that they need.
Even though the above is true, there is a way to protect your assets from the costs of long-term care: Medicaid planning. By learning what Medicaid planning is and how it works, you can protect your assets and obtain the long-term care that you need.
What Is Medicaid Planning?
The term “Medicaid planning” refers to the act of arranging your assets, as well as the income that you earn, so that you can satisfy the eligibility criteria that allows you to obtain Medicaid and, in turn, the long-term care you need.
In order to satisfy the eligibility criteria that allows you to obtain Medicaid, you must arrange your assets, and your income, in a manner that is legal and ethical. This can also be tricky and, as such, it is always wise to work with a Medicaid planning lawyer when going through this process.
A failure to satisfy this criteria can, and will, prevent you from obtaining Medicaid. But, if you arrange your assets and income in a manner that is not legal, you can face fines and other, related, penalties.
How Can You Qualify For Medicaid?
To qualify for Medicaid, within the state of Florida, you must meet the following eligibility requirements:
- You must own no more than $2,000 worth of assets.
- You must not earn more than $2,742 per-month.
Outside of the above, it is worth noting that the following assets do not count:
- Your primary residence.
- Your personal belongings.
- Your vehicle; if you own more than one vehicle, then those others may count.
A spouse who is not applying for Medicaid is allowed to retain up to $148,620 worth of assets. But, if the worth of these assets exceeds that figure, then other changes must be made.
What Are The 3 Best Ways To Protect Your Assets From The Costs Of Long-Term Care?
You can protect your assets from the costs of long-term care in a variety of ways. Some of the best ways, though, that you can protect your assets from the costs of long-term care are as follows:
- Create a trust that protects your assets.
- Gift assets to the people whom you would like to have them.
- Purchase an effective long-term care insurance plan.
Every single one of the items listed above serves as one of the best ways to protect your assets from the costs of long-term care. No matter what you choose, though, there are two rules to remember:
- Always work with a Medicaid planning lawyer.
- Start earlier, rather than later.
By following these rules, you can protect your assets from the costs of long-term care and, in doing so, obtain the long-term care that you need.
Speak With A Florida Medicaid Planning Lawyer Today
You can, through careful planning, protect your assets from the costs of long-term care. Speak with a Medicaid planning lawyer in the Villages at the Millhorn Elder Law Planning Group today and we will assist you in doing so.