One of the concerns that many of my clients have as their parents age is, who will pay for my parents’ or loved one’s skilled nursing care once they exhausted their resources. Will my parents need Medicaid and if so, what is the process for Medicaid qualification and will they qualify for Medicaid? The answer to these questions is not a simple one and involves looking at the specific circumstances. This review should also look at whether trusts can be used to assist your loved one in Medicaid qualification as well as asset protection.
The determination of whether your parent or loved one will require government assistance to provide for their care and whether they will qualify for Medicaid requires an in depth look at their financial situation. The review of their finances should include a review of the following, among other things:
- Insurance that is in place: life, long-term care, etc.
- Whether your loved one can qualify for a long-term care policy.
- Assets: what assets does your loved one have and how are they titled?
- Income: what are the sources of income that your loved on receives?
- The cost of long-term care.
- Your loved one’s current health situation. Are they able to make an estate plan?
- Have they named an agent under a Power of Attorney who is authorized to create trusts on their behalf?
Once you have pulled this information together, you should meet with an experience estate planning and elder law attorney with experience in Medicaid planning.
Determining if an estate plan including trusts designed to protect assets and assist in qualifying for Medicaid or other government benefits requires looking at the specific facts and circumstances in each situation. Each individual’s needs are unique and this article only provides a brief, general introduction. This is a complex area of law and an attorney experienced in estate planning and elder law should be consulted. For more detailed information and to discuss your specific case, call us today at (678)781-9230 or email us at sgrissom@grissomlawfirm.com to schedule an appointment.
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