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How to shield your assets through Medicaid planning

Growing old comes with challenges that are hard to grasp when you are healthy and young. However, the best time to properly prepare for those challenges is when you actually are still healthy and young. Nursing homes, assisted living, in-home care and other elder care options are costly and if you haven't planned appropriately, can deplete your assets and leave you with little to nothing to bequeath to your loved ones when your time comes.

Medicaid planning can help you retain certain assets while paying for your nursing home care. In fact, Medicaid is the largest individual payer of nursing home care in the nation. While it is true that you must meet certain requirements set by the state of Florida for low income, disability or age, there are ways to shelter otherwise countable assets, so they are not figured into your net wealth. Each state sets a list of exemptible assets to this effect.

One crushing blow of depleting your personal assets is that you will have nothing to leave to your loved ones. You can create an irrevocable trust which essentially makes those formerly countable assets no longer a countable part of your income.

Figuring out the best ways to plan for your elder care may be significantly easier if you form your plan with the assistance of an attorney in Florida who knows the ins and outs of Medicaid planning. There may be ways of making Medicaid work for you, even if you believe the state qualifications will exclude you.

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