Planning for assisted living and taking steps to protect your assets is a prudent move that can provide financial security and peace of mind for both you and your loved ones. As you age and potentially face the need for assisted living, careful financial planning can help preserve your assets and ensure that you receive the care you need. It takes active planning to accomplish this. Without making a concerted effort to plan for assisted living and protect your assets, you may find many of your assets lost to help fund your assisted living needs.
What Steps Can I Take Now to Protect My Assets If I Need Assisted Living?
Much of protecting your assets, if you need assisted living, will involve shielding them in a way where you can qualify for Medicaid benefits without having to spend down your assets to qualify for these important benefits that can help cover the enormous expense associated with assisted living. Here are several steps you can take now to protect your assets if you need assisted living:
- Start planning early: The real key to asset protection is to start planning well in advance of your need for assisted living. Ideally, this should even begin years before you anticipate needing assisted living services. The earlier you start, the more options you will have available.
- Consult with an elder law attorney: Seek the assistance of an elder law attorney who handles estate planning, Medicaid planning, and asset protection. They can help you navigate the complex legal matters you will face as you age and help ensure that your assets are protected.
- Learn about Medicaid: Medicaid is a government program that can help cover the cost of long-term care, including assisted living, for those with limited assets and income. There are, however, strict requirements to be eligible for Medicaid benefits.
- Establish a trust: Depending on your circumstances, establishing a trust may be a valuable asset protection strategy. For example, an irrevocable trust can help safeguard your assets while potentially allowing you to qualify for Medicaid benefits.
- Maximize exemptions and allowances: Medicaid has assets and income limits. Be aware of the exemptions and allowances that may apply in your state and consider structuring your assets to stay within these limits.
- Discuss your plans with your family: Communication is crucial. Discuss your plans with your family as well as your preferences for assisted living. This will help that everyone is on the same page and no one is blindsided or unprepared for what the future may hold.
Estate Planning Attorney
Asset protection planning when you need assisted living services in the future can be complex and you should approach it with great care and professional support. Being proactive is key to helping to ensure you can always get the care you need, but preserve your assets at the same time. Do not delay in reaching out to the team at Verras Law for assistance. Contact Verras Law today.