It’s a common misconception that if someone is already in the nursing home, there’s no way that you can do Medicaid planning for them. In fact, it’s never too late to start Medicaid planning, even if someone is in a nursing home, as long as long as there are assets left to protect.
Medicaid planning for someone already in a nursing home
Hi, I’m Wes Coulson and this is your Elder Law Minute. Want to see me throw up my hands in frustration? Just have somebody tell me, “Well, we can’t do anything to protect Mom’s money at this point because she’s already in a nursing home and you know, there’s that five-year look back rule and we don’t think that she’ll live five years, so there’s just nothing that we can do.”
That’s not true. Hear this: If you have a parent or other loved one in a nursing home, I can pretty much guarantee you that we can still protect half or more of their life savings. A minute’s not enough time to explain why that’s the case. But just know this: It’s never too late as long as your loved one has assets left to protect. Thanks!
For more about Medicaid and Long Term Care costs, visit these articles:
- Medicaid Transfer Penalties and the Look-Back Rule
- Long Term Care Costs: The Biggest Threat to your Financial Future
- 4 Myths about Medicare & Medicaid Long Term Care Coverage
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.