Are you starting to think about estate planning, Medicaid planning and long-term care? It's important to do as much planning in advance as you can.
To help you get started, take a look at these eight goals for the Medicaid planning process. It should:
- Consider the long-term needs of both spouses when planning is done for a couple.
- Help keep the couple from worrying about being impoverished.
- Help to preserve assets, not just for the couple but also for their dependents, if applicable.
- Look into all type of financial assistance to help in the process. After all, some reports show that staying in a nursing home costs around $40,000 per year.
- Give the couple a clear idea of the care that is needed and the financial options that exist.
- Help the couple consider the entire impact of the plan, from the immediate impact to what it means for heirs and their overall estate.
- Show the couple how the health care system works, with all of its pros and cons.
- Look into complex issues like tax implications at every level.
The key is to really look at the big picture. What are the costs actually going to be? What funding is there to meet that need? How do these choices impact the rest of the estate planning process? What do the children think and what is in their best interests?
Are you interested in learning more about estate planning, Medicaid or any other aspect of this process? If so, our informative website can answer a lot of the most pressing questions and concerns that you have.