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Avoiding the Medicaid Trap: A Step-by-Step Guide to Estate Planning

Candice L. Correia, Richard Sayre and Jessica C. Allen
The Journal of Retirement Fall 2017, 5 (2) 96-103; DOI: https://doi.org/10.3905/jor.2017.5.2.096
Candice L. Correia
is an assistant professor of taxation and business law in the School of Business at Whitworth University in Spokane, WA
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Richard Sayre
is a partner at Sayre, Sayre & Fossum in Spokane, WA.
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Jessica C. Allen
is a partner at Witherspoon Brajcich McPhee, PLLC in Spokane, WA.
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Abstract

Until an elderly relative suddenly needs long-term care and cannot afford to pay for it, most Americans do not appreciate how difficult the Medicaid legal system is to navigate. With long-term services ranging from a median monthly average of $1,473 for limited services to $7,698 for comprehensive services, providing long-term care for a loved one forces the majority of Americans to apply for Medicaid benefits. Many individuals find themselves trapped—unable to transfer any of their estate prior to applying for Medicaid because of the five-year lookback penalty. This article discusses seven estate planning steps that will help individuals protect their net worth while also securing eligibility for Medicaid benefits.

TOPICS: Retirement, legal/regulatory/public policy, social security, wealth management

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The Journal of Retirement: 5 (2)
The Journal of Retirement
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Fall 2017
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Avoiding the Medicaid Trap: A Step-by-Step Guide to Estate Planning
Candice L. Correia, Richard Sayre, Jessica C. Allen
The Journal of Retirement Oct 2017, 5 (2) 96-103; DOI: 10.3905/jor.2017.5.2.096

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Avoiding the Medicaid Trap: A Step-by-Step Guide to Estate Planning
Candice L. Correia, Richard Sayre, Jessica C. Allen
The Journal of Retirement Oct 2017, 5 (2) 96-103; DOI: 10.3905/jor.2017.5.2.096
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