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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
- © 2017 Pageant Media Ltd
Don’t have access? Click here to request a demo
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US and Overseas: +1 646-931-9045
UK: 0207 139 1600