Plan for Long Term Care Without Losing Sight of Your Family’s Future
The cost of nursing home care or long term care can create serious financial pressure for families. Many people worry about whether they will qualify for Medicaid, how their home may be affected, and whether their life savings could be depleted by care expenses.
At Krueger Hernandez & Thompson SC, we help Wisconsin families understand their Medicaid planning options, long-term care planning, and asset protection strategies before a crisis happens. Our team provides clear legal guidance for individuals and families in Middleton, Madison, Dane County, Sauk County, and surrounding Wisconsin communities.
Whether you are planning ahead or responding to a sudden care need, we can help you make informed decisions with confidence.
Schedule a consultation today to discuss your Medicaid planning options.
What Is Medicaid Planning?
Medicaid planning is the legal process of organizing your income, assets, estate plan, and long term care strategy so you can better prepare for future care needs.
For many Wisconsin families, Medicaid may help pay for nursing home care or certain long term care services. However, eligibility rules can be complicated. The state may review several financial and medical factors, including:
- Monthly income
- Countable vs. exempt assets
- Marital status
- Medical needs
- Asset transfers and timing
- Existing trusts
The goal is not to hide assets or take shortcuts. The goal is to create a legal, strategic plan that protects your care options and your family as much as possible.
Why Medicaid Planning Matters for Wisconsin Families
Long term care planning is often easier when families start early. Many families are surprised to learn how fast nursing home or in-home care costs can reduce savings. Without proper planning, you may spend more than needed before qualifying for benefits.
Medicaid planning may help you:
- Prepare for the future cost of long term care
- Understand how care may be paid for
- Protect a spouse from unnecessary financial hardship
- Preserve assets where legally possible
- Avoid costly mistakes with gifts or transfers
- Coordinate your estate plan with future care needs
- Reduce confusion for your children or caregivers
Wisconsin also has an Estate Recovery Program that may seek repayment for certain Medicaid long term care services after a recipient passes away, which makes planning especially important for families who want to understand how their home and estate may be affected.
Income Available for Long-Term Care
An asterisk (*) indicates a required field- Total amount of money you earn each month pre-tax. If you are married, include both yours and your spouse’s income.
- Total amount of money you have left each month on average after you cover your routine expenses.
- Estimated home value if sold today.
- Total value of all cars you own.
- Total IRA value.
- Pre-paid funeral arrangements total.
- Expected investment return percentage.
Medicaid Calculator Form
If you went into a nursing home today, we estimate based on your annual rate of return and your total net worth (house and investible assets), that your net worth would need to be at least {{calculation_results}} to cover your annual expenses for a private nursing room without Medicaid help. This number is based on the average monthly LTC costs of a nursing home in Wisconsin plus monthly expenses for 5 years. These calculations are only an estimate. You should discuss with your attorney to calculate based on your specific circumstances.
- If you're covered, congratulations! Work with your estate planning attorney and financial advisor to protect the wealth you've been able to build so it can be passed on to your next generation.
- If your net worth isn't where it needs to be, you're not alone. We help families of all levels of wealth plan based on their circumstances so they can qualify for Medicaid without losing all their assets every day. This type of planning takes time though and if you wait until it's too late, we may not be able to help you save much of what you have.
Call our office (800) 431-9776 to schedule a consultation so we can start your planning today.
Use this calculator to estimate potential long-term care costs and understand how Medicaid planning may affect your financial situation.
Crisis Medicaid Planning
Sometimes families do not begin planning until care becomes immediately necessary, such as when a loved one is already hospitalized or in a nursing facility. Even during urgent situations, legal options may still be available.
Crisis Medicaid planning may involve:
- Reviewing assets quickly and addressing care costs paid privately
- Preparing Medicaid applications and organizing financial records
- Creating spending strategies
- Addressing care agreements
- Protecting the healthy spouse where possible
Protecting Your Spouse During Medicaid Planning
Many married couples worry about what happens if one spouse needs long-term care. Medicaid rules may allow the healthy (community) spouse to keep certain assets and income to reduce financial hardship. These protections may involve:
- Income allowances
- Asset retention limits
- Home protections
- Community spouse resource allowances
Medicaid Planning and the Five Year Look Back Period
One of the most important parts of Medicaid planning is understanding the look back period. When someone applies for Medicaid long term care benefits, the state may review certain asset transfers made during the previous 60 months.
Gifts or transfers for less than fair market value may create a period of ineligibility. This is why families should be cautious before transferring property, giving away money, or changing ownership of assets without legal guidance.
How KHT Helps With Medicaid Planning
At Krueger Hernandez & Thompson SC, we help families make sense of the legal, financial, and practical issues that come with long term care planning. Our services include:
- Explaining Wisconsin Medicaid eligibility concerns and identifying potential risks
- Helping protect a spouse who remains at home
- Reviewing powers of attorney and healthcare documents
- Coordinating Medicaid planning with wills, trusts, and estate plans
- Advising families on legal asset protection strategies
- Guiding caregivers through the next steps
Start Planning Before a Care Crisis Happens
Long term care decisions can be emotional, expensive, and time sensitive. The sooner you understand your options, the better prepared your family can be.
Contact Krueger Hernandez & Thompson SC today to schedule a consultation or call (800) 431-9776.
