There are various types of factors that might influence your eligibility to qualify for long-term care via Medicaid planning. Common factors to consider may pertain to asset and income limits for eligibility, and you might not know what steps you can take to protect and preserve your assets and wealth through this process.
Taking time to evaluate some common asset protection strategies could help provide you with much-needed insight on the best course of action to take. This could help you prepare to make informed decisions about your options and create a long-term care strategy that aligns with your wishes and needs.
Possible strategies
Experts indicate that there may be numerous types of strategies you can use to protect your assets and improve your eligibility for Medicaid planning, some of which might include:
- Asset transfers: If only one spouse is applying for Medicaid, it may be possible to transfer certain amounts of assets to the other spouse. This can help bring asset levels below the threshold for eligibility.
- Funeral planning: Another option could involve creating an irrevocable funeral trust. Assets placed within this type of trust might not constitute countable assets in Medicaid eligibility requirements.
- Spend-down strategies: It may also be helpful to consider evaluating your options to spend down excess assets, such as by making improvements to your living space or paying down debts.
- Annuities: Annuities may also be a viable option in some situations. However, there may be certain requirements to meet to ensure that an annuity is Medicaid compliant.
- Asset protection trust: A Medicaid asset protection trust is another type of irrevocable trust that could help provide protection for assets and wealth and help reduce countable income and asset levels.
Addressing options such as gifting strategies and spousal refusals could also be integral to knowing what steps you can take to safeguard your needs and goals while creating an effective long-term care plan.
Medicaid planning
While creating a thorough Medicaid planning strategy can be integral to protecting your future, it can also seem a stressful and daunting task. Fortunately, you don’t have to face this alone, and it could be helpful to consider seeking guidance in navigating every step of this process. In doing so, you may obtain much-needed guidance on every vital factor to consider and assistance in creating a Medicaid planning strategy that focuses on your goals and needs for your future in Texas.
