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Do Estate Planning Now If Nursing Home Could Be in Your Future

January 4, 2018

Filed under: Medicaid — Neel Shah @ 9:15 am

Planning ahead can make things easier for you and your loved ones, even if you are not currently affected by a disability or a medical condition that could lead you into a nursing home. If you do comprehensive estate a minimum of five years before you would need to enter a nursing home, you can help to protect a large portion of your assets from having to be spent on long-term care. Seniors may wish to consider getting some of the assets out of their own name and into their kids’ names. An estate planning attorney and a financial advisor are both recommended, so that you avoid consequences associated with poor Medicaid planning.

Trust planning to help protect your assets can still enable you to have control over the distribution of these assets and know that you will likely be entitled to take advantage of Medicaid when it becomes available to you. Consulting with an experienced estate planning attorney is often the first step in identifying what you need to do to protect your loved ones. Although it might seem difficult to look into elder law planning many years before you might actually need it, it is often these unexpected surprises that can generate concerns for you and your loved ones. Avoid a guardianship proceeding and other challenges associated with long term care planning, by scheduling a consultation with an estate planning lawyer today.

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