Master Elder Law Knowledge Secrets from Top Medicaid Planners

Real-World Examples and Strategies

Consider the example of a senior couple with a modest estate. Without proper planning, they might have to spend down their assets to qualify for Medicaid, leaving little for their heirs. However, with strategic Medicaid planning, they could set up an irrevocable trust to protect their home and savings while still qualifying for Medicaid benefits. This approach not only preserves their assets but also ensures they receive the care they need.

Medicaid planners might also recommend strategies like converting countable assets into exempt assets, such as purchasing a prepaid funeral plan or making home improvements. These strategies allow individuals to meet Medicaid's asset limits without sacrificing their quality of life.