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That is why I frequently call estate planning a “team sport”. Because, it is best for your trusted advisors to collaborate and communicate with one another to make your plan. As people live longer, paying for long-term care insurance becomes more expensive. In the United States, less than 8 percent have long-term care insurance.
Your Medicaid Trust must have an a trustee, which can be your children, other relative, or an independent third party. The Administration on Aging or AOA, a division of the U.S. We call this the five-year look back period. In Mainecare asset protection planning it is far more important to know when the right time is to use an annuity than all the details surrounding Medicaid qualifying annuities.
#2 Use an Irrevocable Asset Protection Trust
It also means, you get to leave something behind for the people you care about the most. Nobody is ever advised to purposely attempt to defraud Medicaid by hiding assets from nursing home coststhrough illegal means. However, protecting your assets from Medicaid through trusts is a perfectly legal and, in fact, a financially shrewd maneuver. You place your assets into an irrevocable Medicaid trust.
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Again, these rules are complicated, so it is best you consult with a Medicaid asset protection attorney. Questions about whether or not annuities are an appropriate investment for you should be addressed to a qualified financial adviser. If your concern is asset protection against a likely nursing home stay, you need to raise that issue. Your typical certified financial planner or financial adviser may not take that concern into account, unless you raise it.
However, keep in mind that these asset protection vehicles may fall under a completely separate set of rules and regulations. Get advice and consult with a trusted professional. And do both at the earliest possible time you can.
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They look at 60 months, or five years’ worth of your financial history. That is the 60-month rule or the five year lookback with nursing homes and Medicaid. So, you say to me, what if I give my stuff away 60 months or 5 years before I apply. Also, you should have a backup plan in case you are in need of care before the five year period has run.
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It often happens that elderly Americans ‘spend down’ their financial resources. They do this so they can meet the Medicaid threshold and qualify for long-term care. This means they pay for long-term care out of their own resources. Once depleted, there may be such a time when they can qualify for Medicaid. The problem is that spending down your assets and financial resources to qualify for Medicaid long-term care means there’s nothing you can leave behind. When you die, your children and spouse may be left with nothing, with the possible exception of your house.
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Remember in Option #5 where I explained the difference between a Mainecare Crisis Plan and a Mainecare Preplan? A Mainecare Crisis plan is when you know someone is going into a nursing home, or they have been discharged from the hospital, and are going into a nursing home. Preplanning is when you don’t know if one or both of you will need to spend time in a nursing home.
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