Medicaid Asset
Protection Planning

What is a Medicaid Asset Protection Plan?

There are few areas of estate planning more complicated or confusing than Medicaid planning. As people are living longer, it becomes more and more likely that we will spend the last years of our life receiving long-term care. The cost can easily be $60,000 annually or more, depending on the necessary level of care. And because the state has strict income and asset limitations before you can qualify for Medicaid to pay the bill, people without planning must essentially become impoverished before they are eligible.

You have worked hard, saved, and invested for your retirement years. You have real estate, tax-deferred retirement plans, annuities, business interests, and other savings, and each of these assets can be protected with the right planning.

At Tallgrass Estate Planning, we help clients with Medicaid planning in two different ways:
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1. If you or your loved one needs long-term care immediately, we can help you create a strategy to spend or otherwise transfer your assets efficiently without violating Medicaid rules so that you become eligible for Medicaid as quickly as possible. Some clients also retain us to manage the Medicaid application process for them.

2. If there is no immediate need for long-term care, we can help protect any number and type of assets ahead of time so that they are not subject to a "spend down" when long-term care is needed.

Medicaid Asset Protection Trust

A Last Will & Testament is your voice when you’re no longer here to speak for yourself. It’s a document that tells the court who should receive your assets, who should care for your minor children, and who you trust to make sure everything is done right. Without a will, the state decides these things for you. A will gives you the power to make your wishes clear.

Sole Benefit Trust

Not everything you value is about dollars and cents. Maybe it's a grandfather's watch, a cherished family quilt, or a collection of letters. A Personal Effects Memorandum lets you list who should receive these sentimental items without needing to change your will every time. It’s a simple way to ensure your treasured possessions end up in the right hands.

First-Party Special Needs Trust

Life is unpredictable. If an illness or accident leaves you unable to manage your own affairs, a Durable Power of Attorney lets someone you trust step in. They can pay your bills, manage your accounts, and handle other financial matters on your behalf. This document keeps things running smoothly when you can’t.

Medicaid-Compliant Annuities for Tax-Deferred Assets

When it comes to medical decisions, having someone who knows your values and wishes is essential. A Healthcare Power of Attorney lets you name a trusted person to make healthcare decisions for you if you can’t make them yourself. It’s about making sure your voice is heard, even when you can’t speak.

Promissory Notes

An Advance Directive is your way of telling doctors what kind of medical treatment you want—or don’t want—if you’re unable to communicate. It covers decisions about life support, resuscitation, and other critical choices. It’s a gift to your loved ones, sparing them from guessing what you would have wanted.

Spend-Down Strategies

Privacy laws protect your medical information, but they can also keep your loved ones in the dark when they need to help you. A HIPAA Waiver lets you name the people who can access your medical information, ensuring they have the knowledge they need to make informed decisions on your behalf.

FAQs

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