When you apply for Medicaid, the state will review your financial records for the previous five years. That means that you may need to have a plan in place for your assets at least five years before you apply for Medicaid. This 5-year look-back period means you cannot just give away your assets or sell them for less
Many people put off estate planning and find themselves unable to get help when they need it. When a person loses their mental capacity, planning options are limited. Planning ahead for long term care needs, including Medicaid eligibility, helps ensure your spouse and family will continue to have financial stability if you need long-term care.
Being named trustee of a special needs trust is a great honor as well as a huge responsibility. Whether you are seeking a trustee or thinking about accepting a request to act as one for a family member, your first move should be to contact an experienced special needs and elder law lawyer.
Choosing a nursing home for an elderly loved one is one of the most difficult and important decisions a family member can make. Ask these six questions before finding an elder care facility for your loved one.