Understandably, many seniors are concerned about losing their home and other assets if they one day require nursing home care. Contrary to popular belief, Medicare does not pay for long-term care. The best approach to ensuring that the cost of long-term care does not deplete your assets is advance planning.
Advance planning typically includes the use of special trusts that are not countable by Medicaid. For example, pooled trusts may be used to enhance the elder's quality of life by paying for services that Medicaid does not cover. Ordinary trusts, such as revocable living trusts, will not work for this type of planning. Before deciding on a plan of action, it is important to discuss all options with a lawyer. Our team of lawyers fully understand federal and state Medicaid laws and can work with you and your family design a plan that is suited for you.