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It’s NOT Too Late for
Effective Medicaid Planning
(even if you think it is)

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5. It's not too late. Even if you're already in a nursing home and are paying for care privately, it's not too late to initiate effective planning so that Medicaid covers your bills. In most instances, there are still procedures you can use to shield a substantial portion of your money and assets. You may be able to save as much as 40% to 50% of what you have.

Similarly, if your physical condition has deteriorated to the point where it's now obvious you'll need home or nursing facility care, steps can be taken to preserve your financial resources, and to protect your house, condo or co-op. In fact, you're likely to be surprised by the advantages that remain available to you.

Here's an example of a case in which we helped a couple protect significant liquid assets. These results were obtained even though the planning was done after it became clear that professional care was necessary. Our client was in her 80's, suffering from Parkinson's Disease. After a number of strokes, seizures and other serious complications, she became uncommunicative. Up to this point, all assets were held jointly with her husband. We arranged for the transfer of them all to him. This safeguarded the money from loss by "spend down," under Medicaid eligibility requirements.

We then filed an application for Medicaid nursing home benefits for the wife, which was approved. The assets held by her husband were then placed in a special trust. The beneficial end result: the couple's money was protected. It is now available to supplement the wife's care in the nursing home, and to help maintain the husband's lifestyle. Again, these advantages were obtained with asset protection strategies that were implemented, in effect, "at the last minute."

Table of Contents

25 Strategies to Prevent Financial Ruin
from Long-Term Health Care Costs

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