When it comes to Medicaid planning, there is no shortage of information and advice. Of course, there is a problem with this: some of the information you come across may not be 100 percent accurate. As a result, you could make decisions that negatively impact you and your family.
Where do you Stand?
If you have yet to consider the finer details of Medicaid planning, you are not alone. In some cases, this is a good thing. It means you are starting with a blank slate. However, this doesn’t mean you should wait much longer to get started.
There are many challenges associated with Medicaid asset protection, including the fact that laws are always changing. When this happens, there is a good chance your plan needs to change as well.
Most recently, the passing of the Deficit Reduction Act impacted many strategies that were successfully implemented in the past.
Some of the strategies to consider today include:
- Making gifts to family members
- Setting up an irrevocable living trust
- Paying for particular Medicaid expenses
Questions to Answer
There is nothing simple about Medicaid asset protection. There are myths to contend with, changes to current laws, and a variety of questions that require answers.
Here are some of the most common questions to ask your estate planning attorney:
- Does my current Medicaid plan provide the appropriate level of protection?
- Are there any changes I can make for the better?
- Is there anything about my current plan that could jeopardize my ability to receive benefits in the future?
By asking these types of questions, you will soon have a better idea of what you should be doing to improve your current plan.
Over the years, we have helped many people with Medicaid asset protection. If you have questions or require assistance, don’t hesitate to contact us. We can put your mind at ease.