Medicaid planning is a form of asset protection planning focused on ensuring the maximum possible preservation of your assets when you or a loved one needs nursing home care. We recommend considering long-term care insurance, but for many that is not an affordable option. For most people, understanding Medicaid is critical. The attorneys with Payne, Powell, & Truitt have experience helping people with long-term care and Medicaid planning.
Due to continuously rising costs, even a short stay in a nursing home can destroy the financial well-being of all but the wealthiest families. Qualifying for Medicaid can be a time-consuming, frustrating, and difficult process. Such applications for Medicaid involve disclosing assets, some of which are exempt or countable depending upon a number of factors including the type of asset or the form in which they are held.
We work with clients who are in varying situations, ranging from planning decades ahead to facing a need to qualify for Medicaid immediately and everything in between. If you would be better served by paying for long-term care another way, our attorneys will advise as to whether strategies such as VA pension, long-term care insurance or income tax breaks may lighten the load on your family’s personal savings and investments. Our goal is to help you and your loved ones find peace of mind in a difficult time.
For further information on Medicaid planning, contact us to schedule a consultation with one of our elder law attorneys. The elder law and Medicaid planning attorneys at Payne, Powell, & Truitt can be reached at (806) 368-8712.