The Medicaid Crisis Success Story
A daughter came to me as soon as her mother entered the nursing home. Her mom was still competent, so she was able to sign new powers of attorney, and we implemented a Medicaid asset protection plan that will protect over $40,000 of Mom’s estate.
The Medicaid Crisis Failure
A son came to see me about his mother. She’d been in the nursing home for 2 years and spent $100,000 of her assets. She didn’t have a power of attorney, she is no longer competent, and she only has $10,000 in assets left. I was able to complete the Medicaid application to take that burden off the family and ensure a smooth application process, but there was very little I could do to protect assets because there was so little left. The son said to me, “I wish I had heard about you two years ago.”
The Pre-planning Success Story
A wife came to see me about her and her husband’s estate plan. The husband had a stroke 3 years ago. He is still competent but she worries about her ability to take care of him in their home in the coming years. I proposed a plan that uses a revocable trust to manage the assets the wife needs to support herself and an irrevocable trust to protect a portion of their estate should the husband enter a nursing home and need Medicaid. The plan will work, but the couple will only reap the full benefits if she and her husband can avoid needing Medicaid during the look-back period. The wife is happy with her plan, but says, “I wish I had done this three years ago when my husband first had his stroke. By now I would already be through the look-back period.”
For me, these three client stories reflect the need to take action as soon as possible. If someone in your family, a client, or just someone you know has recently been diagnosed with a cognitive disability or suffered a stroke, encourage them to take steps to protect themselves and their assets right now. I’m tired of hearing so many people say, “I wish I had done this sooner!”
There are 3 easy ways to get started:
- Give us a call at (217)726-9200 to set up a FREE consultation today.
- Check out our Consumer’s Guide to Medicaid or the Start Here page on our website.
- Attend one of our free community workshops. We have a variety of topics and a full schedule for this Fall! Get started at our main workshops page HERE.