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FIND YOUR ANSWERS BELOW:
Yes, plans should be reviewed and updated periodically to be sure that your goals, objectives and wishes are still being met. Simple Wills don’t protect assets from long term care costs and don’t avoid probate court costs when you pass away. Your plan should be reviewed by an Elder Law Attorney (preferably a CELA*) who is experienced and knowledgeable in the areas of Estate and Medicaid planning.
No, this is not true. The costs of care are exorbitant these days, and we often see clients who unnecessarily impoverish themselves by over spending for care services that they could have qualified for after restructuring of assets in a Medicaid compliant way.
No, this is a Federal Estate Tax minimization strategy that only applies to those who have more than $5.43 million dollars in assets, which is the Federal limit for 2015. Under the Medicaid Rules, all gifts or transfers of assets of a $1,000 or more are considered a disqualifying transfer if the individual needs Medicaid coverage in a nursing home within 5 years of the transfer/gift. This is one of the most common misconceptions that we hear from clients.