If you have an aging loved one, you must know by now how overwhelming the cost of healthcare is. And without a plan in place, these costs can pile up, draining your lifetime savings. But you do not have to be in this situation. With Medicaid planning, you can save your family’s inheritance and other hard-earned assets.
Why qualifying for Medicaid is difficult
Medicaid is the primary program that pays for health and long-term care. However, meeting its requirements is not easy. For example, having certain assets, like having savings or owning a house, can disqualify you. You can prevent this by planning early on to avoid these critical mistakes.
How you can prepare
Caring for your aging parents can be twice as difficult if you are raising your children at the same time. You do not have to go through this with the proper Medicaid planning. But you might wonder how you can help your parents qualify. There are legal tools that can help you while protecting your legacy. These include:
- Powers of attorney (POA)
- Revocable trusts
- Smart asset transfers
When used correctly, these tools can preserve your parents’ assets and ease your financial burden.
Look out for the five-year lookback period
When it comes to Medicaid planning, you need to act fast. Georgia has a five-year lookback period on asset transfers. In other words, if your parents transferred their assets within five years of applying for Medicaid, they might face a delay in receiving their benefits. An elder law attorney can guide you through the complexities of Medicaid planning.
Start planning today
Medicaid planning is not just about protecting your finances. It is also about protecting your family and your children’s future. Most of all, it protects what your family has built. So, whether your parents need care soon or are already receiving care, start planning today.