Lewis Living Trust Center | Lewis Law Office, P.C.

Local 816-875-4516  |  Toll Free 877-549-3511

  • Home
  • Our Firm
    • About William A. Lewis
    • Attorney Credentials
  • Practice Areas
    • Estate Planning
    • Elder Law
    • Guardianships & Conservatorships
    • Probate & Estate Administration
  • Free Consultation
  • Testimonials
  • Blog
  • Contact
Lewis Living Trust Center | Lewis Law Office, P.C.

Local: 816-875-4516 | Toll Free: 877-549-3511

  • Home
  • Our Firm
    • About William A. Lewis
    • Attorney Credentials
  • Practice Areas
    • Estate Planning
    • Elder Law
    • Guardianships & Conservatorships
    • Probate & Estate Administration
  • Free Consultation
  • Testimonials
  • Blog
  • Contact

How to start Medicaid planning early

On Behalf of Lewis Law Office, P.C. | Nov 7, 2022 | Estate Planning

If you intend to use Medicaid to pay for your long-term care needs, starting your planning before you reach a crisis can help you save money and retain property for your beneficiaries.

There are many ways to manage your assets so that you qualify for Medicaid. However, the earlier you begin planning, the more options you can explore.

Medicaid planning strategies

If you own property or have significant savings, you may not qualify for Medicaid to help you pay for long-term care. You can reduce your personal wealth by transferring assets to your spouse or gifting property to family members. You can also use a trust to avoid spending all your savings on care expenses. A trust can also help you pass on assets to your beneficiaries in a more efficient, cost-effective way.

Although these strategies can help you qualify for Medicaid, you should complete these transfers at least five years before you need coverage. This is because Medicaid has a look-back period to examine your transactions. There are some exceptions, such as transferring ownership of your home to your spouse. Nevertheless, it is advantageous to start planning before your need long-term care.

Other long-term care plans

There are other long-term care planning options. For example, you can invest in long-term care insurance to help you deal with expenses. This can be a good option for high-asset married couples. Some life insurance plans include a combined long-term care coverage option, too.

It is important to start thinking about long-term care before you need it. If you plan to use Medicaid, you can create a strategy for transferring your assets early.

  • Facebook
  • Twitter
  • LinkedIn

Recent Posts

  • Non-probate transfer types
  • Selecting the right trustee for your estate
  • How trusts can help you avoid probate court in Missouri
  • What types of assets can you place in a living trust?
  • Common misconceptions about wills

Archives

  • May 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • September 2022
  • June 2022
  • February 2022
  • November 2021
  • August 2021
  • June 2021
  • March 2021
  • January 2021
  • October 2020
  • August 2020
  • May 2020
  • April 2020
  • August 2019

Categories

  • Avoiding Probate
  • Estate Planning
  • Firm News
  • Non Probate Transfers

RSS Feed

Subscribe To This Blog’s Feed

FindLaw Network

Questions? Contact Our Firm

How To Reach Us

Office Address:

Lewis Law Office, P.C.
3435 NE Ralph Powell Rd.
Suite A
Lee's Summit, MO 64064

Toll Free: 877-549-3511
Phone: 816-875-4516

Lee's Summit Law Office Map
  • Follow
Map of Lee's Summit office location
Map of Lee's Summit office location
Review Us
Visa Card | MasterCard | American Express | Discover Card
The choice of a lawyer is an important decision and should not be based solely upon advertisements.

© 2023 Lewis Law Office, P.C. • All Rights Reserved

Disclaimer | Site Map | Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters