The cost of nursing home care can quickly exhaust a nest egg, and the reality is that seniors need to plan now if their goal is to preserve assets for loved ones while also covering the cost of long-term care.
Here are some options for Oklahoma seniors to consider.
Effective Medicaid planning can help defray the costs of nursing home care or assisted living.
A common misconception is that one has to spend down all of one's hard-earned assets in order to qualify for Medicaid benefits. Depending on your specific situation, you may be able to avoid needlessly spending down assets by instead implementing an integrated strategy.
For example, eligibility for Medicaid may be preserved in a number of ways:
- Establishing an irrevocable trust
- Developing an effective gifting schedule
- Concentrating wealth into exempt assets
- Investing in an annuity for your spouse or loved ones
A comprehensive estate plan can address all of these matters and more.
The elder law attorneys of Teague & Wetsel, PLLC, have extensive experience in helping people in Edmond and throughout Oklahoma develop comprehensive estate plans. We provide innovative solutions with regard to wills, trusts, Medicaid eligibility, retirement planning, VA pension benefits, minimization of taxes, and avoiding probate.
If you want to prevent the cost of long-term care from draining your estate, the key is to plan now. For more on asset preservation and maintaining eligibility for Medicaid benefits, please see our Medicaid planning overview.