You may have heard me speak in other videos about the five-year look-back period for Medicaid. Well, if somebody upon a first diagnosis of Alzheimer’s engages in planning to direct his or her life savings from long-term care costs, most frequently that can be done at least five years in advance of nursing home placement. Which means that we can do a tremendously effective job in protecting their life savings.
In this Elder Law Minute, Wes Coulson, Southern Illinois Elder Law attorney, discusses Alzheimer’s and the opportunity the diagnosis presents, relative to the five-year look-back period, for being able to engage in planning that is directed toward protecting your life savings from long-term care costs.
Alzheimer’s and the Five-Year Look-Back Period: The time to plan is NOW!
Transcript:
Hi, I’m Wes Coulson and this is your Elder Law Minute. This is another in our series on topics that either come from or relate to things that we cover in our Alzheimer’s Guide. Let’s talk about Alzheimer’s and the opportunity that the diagnosis actually presents for being able to engage in planning that is directed toward protecting your life savings from long-term care costs.
While Alzheimer’s is a terrible disease in so many respects, it does carry the advantage that, unlike some other things like a stroke that may have an immediate onset, it’s a gradual process. And the fact that it’s a gradual process means that if we take the bull by the horns early on, we have the opportunity to plan and do so very effectively.
You may have heard me speak in other videos about the five-year look-back period for Medicaid. Well, if somebody upon a first diagnosis of Alzheimer’s engages in planning to direct her or his life savings from long-term care costs, most frequently that can be done at least five years in advance of nursing home placement. Which means that we can do a tremendously effective job in protecting their life savings.
So, if you have a diagnosis of Alzheimer’s, or a family member does, don’t shy away from it, don’t bury your head in the sand, take it as a call to action to get things done now. You’ll be very happy you did. Thanks.
For more information on Alzheimer’s Guide Topics and Asset Preservation Planning, visit these articles:
- Memory Care: The relatively new option for Alzheimer’s care
- Can Someone Diagnosed With Alzheimer’s Still Execute Legal Documents?
- The Sooner the Look-Back Period Starts, the Sooner It Ends
“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.
