When estate planning, one may want to do Medicaid planning too

Preparing one's estate is about so much more than just preparing for one's death. When going through the estate planning process, it is a good time to make sure that proper protections are put in place in the event one needs long-term care due to age, illness or incapacitation. Many people in Michigan and elsewhere are forced to turn to Medicaid in order to afford care, but there are some issues and concerns in doing so.

One of the biggest concerns with using Medicaid is the ability for Medicaid to claim assets -- such as one's house -- in order to pay for care. It may seem wrong, but it is possible. Can this be avoided?

Medicaid is not just handed out to anyone who applies for it. There are certain income and asset limitations set that one must meet in order to qualify. It is possible to transfer assets and put funds into a trust in order to meet the necessary qualifications. An experienced estate planning attorney can provide more information about how that may or may not work for one's particular circumstances.

Through careful estate planning, it is possible to preserve one's assets and qualify for Medicaid should it be needed for long term care. This is something that is best not left to the last minute, however. Michigan residents can turn to an experienced estate planning attorney when they are ready, preferably sooner rather than later, in order to make sure they have all the desired legal protections put in place for when they are needed.

Source: theyeshivaworld.com, "Will Medicaid Take My Home?", Isaac Yedid Esq. & Raymond Zeitoune Esq., Accessed on Aug. 30, 2017