Posted on: Jan 18, 2017
The overall goal of Asset Protection Estate Planning is to insulate your assets from creditors, or in the case of Long-Term Care planning, from the nursing home and/or the state of Washington. Asset protection involves very specific legal documents to protect the assets that you have built over a lifetime. The ability to protect assets is a particular concern for those who are facing the potential for Long-Term Care needs, which can be very costly. Without proper planning, individuals who must enter a nursing home may end up spending all of their assets on the costs of Long-Term Care. While Medicaid, a government benefits program, can provide coverage for Long-Term Care, eligibility for that type of coverage is based on the income you have and assets that you own, which eliminates many people from Medicaid eligibility for Long-Term Care.
Without proper planning, an individual who wishes to become eligible for Long-Term Care coverage under Medicaid must spend down his or her assets below the program’s resource limits: $2,000 for a single person. Even when the individual is spent down to $2,000, if he or she also owns a house, (which is an exempt asset), the state will get the house unless steps have been taken to protect it. Medicaid Asset Preservation Strategies™ is extremely complex, and individualized, and can prevent impoverishment. It is so important to seek legal advice from an experienced Medicaid asset protection attorney in order to develop the best strategy for you.
At Elder Law Group PLLC, we have created thousands of detailed, comprehensive asset protection estate plans that contain provisions specifically designed to qualify the client Medicaid without requiring spending down all assets. Because Medicaid coverage is a huge factor when it comes to the high costs of Long-Term Care, we highly recommend that you allow us to analyze your Medicaid eligibility and develop a strategy for your assets as part of your larger estate plan. Allow us to look into the facts and circumstances surrounding your situation, discuss your options, and help you determine the most appropriate type of estate and Long-Term Care plan for you and your family. Contact the Washington asset protection attorneys of Elder Law Group PLLC, and learn how we can help.