The good, the bad and the ugly of long-term care paid Impact_Partner
The Medicaid look-back period in most states is now at 60 months to recover transferred assets.Children are often incapable of assuming care duties.While some of this data is ugly and can be intimidating, there’s still some good news.The good news is you can develop a plan that will help you down the road. It may seem daunting, but here are a few tips to help plan and prepare for long-term care costs.
Since Medicaid is a federal-state matching entitlement program that pays for medical assistance for certain individuals and families with low incomes and resources, rules and laws can vary by state.When choosing your power of attorney for your health care directives/living will or finances, most attorneys will recommend picking only one person with contingents for backup — having more than one could cause conflict, making it difficult to have your wishes followed.
Whatever you choose to do, the most important thing is to act. Be proactive in your total planning process, do your homework, and share your plan with your family. This content was brought to you by Impact PartnersVoice. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. EGSI Investment Management. Inc. does not offer legal or tax advice. Please consult with your attorney, accountant, and/or tax advisor for advice concerning your particular circumstances.
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