Get started with MyAdvocate Estate Planning by clicking the link below!
Medicaid Planning is a huge industry. Thousands of lawyers around the country make a living advising people how to avoid losing their life savings and their home if they enter a nursing home.
Medicaid planning can be complicated but if you break it down to its simplest form, it involves getting assets out of your name and out of your control at least 5 years before entering a nursing home.
People do this for two reasons: First, an individual must spend 100% of their nursing home expenses (depending on where you live, that’s anywhere from $6k monthly to $10k monthly, unless, among other requirements, you have less than $2,000 of what’s called countable resources (money in the bank, investments, real estate that is not your home), AND you have not transferred any assets out of your name in the previous 5 years.
But while the entire Medicaid Planning industry is hammering you with “Protect your assets from nursing homes, make yourself eligible for LTC Medicaid, avoid nursing home poverty,” some people out there should not go through the time, expense, and burden of attempting to position yourself so that you qualify for Medicaid if you enter a nursing home.
1:50 1st Reason: Estate Too Large
3:04 2nd Reason: Can’t Protect Your Income
5:03 3rd Reason: Family Won’t Put You in Nursing Home
6:28 4th Reason: You Must Relinquish Control
7:48 5th Reason: You Would Qualify Anyway
8:51 6th Reason: You Have Ethical Concerns
9:45 7th Reason: Your IRA Is Large
11:23 8th Reason: Don’t Have 5 Years
12:16 9th Reason: Nursing Home Care Is Poor