Many people have the false impression that Elder Law planning is not worth finding out about because they think they are not eligible for Medicaid. They feel they have too much income, money or other assets to qualify, or believe that some specialized trust strategies used for asset protection are only for rich people.
With effective planning, many people can qualify for Medicaid benefits. There are strategies that allow you to protect your home if you own one, as well as certain monetary resources. The alternative is to deplete your reserves almost completely paying for care Medicaid would otherwise have covered. Even if you truly can’t qualify for Medicaid, if you begin the legal and financial planning process early enough, there may be other ways to address the soaring costs of long term care when the time comes.
It pays to sit down with an Elder Law attorney and review the details of your unique situation. It may be one of the wisest moves you can make. Through comprehensive planning you may be able to significantly increase your or your loved ones’ quality of life, protect assets and leave a legacy.