Medicaid Planning Is Not One Size Fits All

Posted on

Oct 27, 2015

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Often times people who have loved ones in need of care, such as at an assisted living facility or a skilled nursing facility, are faced with the very real problem of having to pay for this necessary, but costly care. Medicaid is a government benefit that helps the largest number of people with paying for the costly care. Protecting the assets of a loved one for the remainder of their life is a primary concern. Another important issue to remember is that a healthy spouse may need the income of the sick spouse to continue to live in the community and at home. There are multiple options for protecting or maximizing the retention of income for a healthy spouse living at home. If your loved one is able to return home after a recent hospitalization, now is the time to review their estate plan, including a Durable Power of Attorney and a Last Will & Testament, to verify that adequate authority has been granted to the advocates so that the cost of obtaining Medicaid can be minimized and not face the delays of guardianship court. Act now while you or your loved one is competent to make the necessary changes to their plans. If your loved one is not capable of putting a plan in place, there are still solutions. Contact an elder law attorney specializing in these areas.

Editors Note: This article was submitted by Lance M. McKinney, Elder Law Attorney, of Osterhout & McKinney, P.A., 239-939-4888.

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