Medicaid Crisis Planning: Advanced Techniques for Preserving Assets After Nursing Home Admission

Description

Counsel to seniors should take the opportunity to plan in advance for Medicaid asset preservation. The need for Medicaid crisis planning most often arises when your client faces a catastrophic illness or when hospital or rehab medical personnel determine he or she cannot return home.

It’s still not too late for counsel to implement Medicaid crisis planning to protect income and assets to the extent permitted under the law for the client’s and their spouse’s benefit. Otherwise, your client’s life savings can easily be consumed in a short period of time.

Counsel can still offer effective planning opportunities and tools to clients in this position. Key approaches include Medicaid qualified annuities, making countable assets unavailable through the use of DRA qualified promissory notes, and leveraging the use of the Community Spouse Resource Allowance.

Listen as our distinguished panel of attorneys experienced in Medicaid asset preservation reviews the eligibility requirements and their current strategies and approaches to benefit senior clients in preserving assets.