In this Elder Law Minute, Paige Fox explains how Medicaid planning can help preserve assets and cover long-term care costs.
Video Transcription:
Hi, my name is Paige Fox. I’m a Senior Associate Attorney here at Dent Coulson Elder Law. I understand these topics can be very complex, so I hope these Elder Law Minutes bring some insight and deeper understanding to both potential and current clients. Thank you.
One of the biggest misconceptions I encounter in Medicaid and long-term care planning is the belief that the State of Illinois takes all your money in order to apply for Medicaid.
I’m here to tell you—that is simply not true.
If anyone is going to take all your money, it would be the nursing home or long-term care facility, not the State of Illinois. The state does not seize your assets when you apply for Medicaid.
Even more importantly, many people don’t realize that you don’t have to spend down all of your assets on the facility before applying for Medicaid. There are plenty of legal planning strategies available to help preserve assets before you apply.
These may include:
Paying off bills or loans
Transferring assets to a child with a disability
Transferring assets to a caregiver child
Using special planning tools for a community spouse
Other asset-preservation techniques allowed under Medicaid rules
So, if you—or someone you know—is going into long-term care soon, I highly recommend reaching out to us here at Dent Coulson Elder Law, or speaking with another qualified elder law attorney.
There are ways to protect your assets and apply for Medicaid to help cover the cost of long-term care. We’re here to help guide you through it.
Contact Us for Assistance
Thank you for watching our Elder Law Minute. If you need help with powers of attorney or any other estate planning needs, please call Dent Coulson Elder Law.
Also looking for information about Medicaid and Asset Preservation? Visit these articles:
“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 (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
