By Ana Ballesteros, W M Law Paralegal
When it comes to healthcare needs, we always try to delay the inevitable, prepare for our future needs. The average cost of per month for an elderly care facility is about $6,000 plus hospital visits and expensive medicine costs.
The way Medicaid works is that they can help you pay for your expenses but only if your income shows that you do not have sufficient money to pay the care you need. So, what happens when your income qualifies but your spouse also works, and it puts you above Medicaid’s income requirement? Or what happens if your income qualifies but you have your house paid for and perhaps some additional assets like an IRA/401(k) or a vacation home?
Medicaid can put liens on your property after you no longer need the assistance program or have passed away. The bad news is that if you do not take protective measures, you can lose all the items you worked hard for. The good news is that there is a special trust that you can create to protect your assets and ensure they can be passes on to your family like you have always intended them to be, it […]