Knowing Your Options
There are many options that allow you to have the benefits of both worlds – get the assets out of your name while maintaining control over them. No matter what stage you are in your life, your health, or your planning, there are options available to you. The options are very different depending on what situation you are in. The key is knowing what options you have, getting advice and guidance on the best options to fit your particular circumstances, and then lastly, taking action.
What are my options when planning in advance of needing care?
When planning in advance you have a lot of options available to you. What I mean by “in advance’’ is that you, your spouse, or your parents won’t need home health aides or nursing homes for many years. Now, why are we talking about doing planning now if they don’t need it for the foreseeable future? This is because of Medicaid’s look-back periods. We need to plan this far in advance to have the opportunity to protect as much money as we can. The most common tool we use when we’re planning in advance is the Medicaid Asset Protection Trust. The Medicaid Asset Protection Trust is a tool that we use to avoid all the negative side effects of giving away our assets to our children while we’re still here.
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