When you are taking steps to gain access to Medicaid, a number of transactions may need to take place. They can affect both your financial assets and your real property. You will need to review your bank accounts, your investments, retirement plans, insurance, real estate, and any other assets you own. Transactions could include transferring financial assets and real estate into a trust.
These steps will have financial and tax implications. That’s why it is important to retain an Elder Law firm that has professionals who understand the issues and who can guide you to make the best decisions for you.
Here are links to the most important aspects of financial and tax planning as they relate to Elder Law and planning for long-term care.