In the previous blog, we reviewed some of the terms involved in traditional and Medicaid estate planning. Now let’s look at the differences between them. We always want to leave our loved ones some money or assets after we are gone. But you also need to make sure your estate includes enough money to pay for a long-term facility when you need one. Combining Traditional and Medicaid estate planning will help you plan for both situations.
When planning for your golden years, you want to preserve your assets to give to your children or grandchildren. But Medicaid limits the amount of income and assets you can have to qualify. Combining Traditional and Medicaid estate planning is the best way to keep your assets safe while watching your limits.
Traditional estate planning focuses on making your assets available to your loved ones after you pass away. It’s about building your portfolio in the best places to earn more money while reducing the taxes your heirs must pay. This is done through a collection of legal documents outlining your wishes regarding the distribution of your estate.
Medicaid estate planning focuses on structuring your assets in places that Medicaid allows you to keep while moving it out of your monthly income and rearranging your assets. You want to ensure you can afford your long-term care facility and not burden your loved ones if they have to make the payments. We all know that long-term facilities are expensive.
It is best to work with an estate planning attorney who understands the unique strategies needed for Medicaid estate planning. We will help you qualify for long-term Medicaid benefits by legally managing your assets according to the Medicaid rules.
Now is the time to start planning for your long-term care needs. We can help you ensure your assets are preserved in case you need Medicaid assistance in the future.
An estate planning lawyer can advise you on the best options to help you receive long-term care and ensure there are still assets for your heirs. To talk to a qualified attorney in Chicago, contact the Estate & Probate Legal Group at 630-864-5835.
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