The skyrocketing costs of long-term care are an unfortunate reality that all seniors must contend with. Without proper planning, your life savings could virtually vanish in the blink of an eye. Fortunately, there are many ways to avoid exhausting all of your assets on nursing home care — and to preserve everything you’ve worked so hard to build for your loved ones.
Medicaid is one such option. As a government-funded program, Medicaid can open the doors to care facilities that would otherwise be unaffordable. However, only those who meet the income and asset limits can qualify. So how can you ensure that you (or a loved one) are eligible when the need arises?
Developing The Right Strategies For Your Situation
At Teague & Wetsel, PLLC, we can help you put the right strategies into place. Lawyer Glenn Teague has a strong background in estate planning and tax law — both of which factor into Medicaid planning. Applying more than 30 years of experience, he will help you develop a plan of action that makes sense for your situation.
Don’t wait too long: As with other aspects of estate planning, it’s important to start planning for your long-term care options now, while you’re still healthy. The sooner you start thinking ahead, the better you can protect your interests.
Depending on your financial picture, there may be multiple ways to become eligible for Medicaid without having to spend down all your assets or abandon your long-term estate plan. Examples include:
- Developing a gifting schedule
- Establishing an irrevocable trust
- Investing in an annuity for your spouse or loved ones
- Concentrating your wealth into exempt assets
To discuss how these and other strategies might work for you, please call our office in Edmond, Oklahoma, at 405-285-9200. You can also arrange a private consultation with our attorney by contacting us online.