While it might not be possible to predict what your future may hold, there may be certain steps you can take to prepare for a variety of possibilities. The process of finding ways to cover the costs of long-term care is a pursuit that many individuals may share, but the path to achieving this goal might not always be so clear.
Medicaid is a program that could provide a variety of benefits regarding long-term care, but there are some eligibility requirements involved with this system. If you worry that your current asset levels exceed the threshold for Medicaid eligibility, you might wonder what you can do to help address the matter.
If your asset levels disrupt your eligibility for Medicaid programs, it may be possible to combat such issues by restructuring your assets. Some examples of strategies to consider regarding asset retitling might include:
- Creating a trust: Creating an irrevocable trust may be a viable path, and if ownership of assets transfers to the trust, it might not count against you when applying for Medicaid programs.
- Spend down of assets: You may also have the option to spend down a portion of your assets to help meet Medicaid eligibility requirements, but this might not prove a viable path in every situation.
- Transfer of assets: Transferring ownership of assets to a family member is another example of an asset retitling strategy. However, there may be some inherent risks involved with such a path.
- End-of-life planning: Experts also indicate that implementing a funeral trust and using funds to prepay for end-of-life expenses is another type of strategy that may be viable in some scenarios.
While restructuring assets may help you qualify for Medicaid programs, preparing to address your options and choose a path with which to achieve such goals can seem a stressful and daunting concept.
Guidance in Medicaid planning
This may only cover a few examples of asset retitling options that might help you meet the income requirements involved with Medicaid planning. Seeking advice on every factor to address regarding your available options could help you better understand the possible advantages and disadvantages involved. This could help place you in a better position to make informed choices about your situation and help you create a strategy with which to safeguard your interests and wishes for your future in Texas.