Medicaid Planning Is A Critical Element Of Elder Law Planning
When your family is faced with a $100,000+ annual nursing home bill, options become important. The Medicaid’s Institutional Care Program can be a valuable tool for families of all socio-economic statuses.
In fact, “Medicaid planning” is now a crucial part of every estate plan except for the ultra-wealthy and “Medicaid Crisis Planning” is used as a tool by virtually anyone faced with a staggering long-term care bill.
All Medicaid and elder law planning is not the same however! Many elder law attorneys claim to provide Medicaid planning but pay little attention to family liquidity and tax avoidance. There are many “easy” strategies to protect money that either lock up the assets, cost a family up to 50 percent of the “saved” assets in income taxes alone, or both.
A family should rarely if ever consider such strategies. The more liquid and tax efficient the strategies, the more work is involved in carrying out the plan. Be sure that when you hire an attorney that you understand ALL OF THE AVAILABLE OPTIONS and that the attorney is willing to carry out the intense work involved.
Further, many crash courses provided to attorneys teach only the basics and that may be all you are offered. Experience is a must!