Protecting Assets from the Costs of a Nursing Home Stay

Miller Estate and Elder Law

In this episode, Bill Miller discusses asset protection planning in the context of long-term care and nursing home costs. Learn from personal experiences of families who didn’t have a plan in place and lost everything, as well as families who successfully protected their assets. Explore the different ways to pay for long-term care, including out-of-pocket, long-term care insurance, Medicare, and Medicaid. Bill delves into the asset and income limits for Medicaid qualification and the concept of spend down. He touches on the use of life estate deeds and irrevocable trusts for asset protection. Lastly, Bill emphasizes the importance of planning in advance and the five-year look-back period for Medicaid eligibility.

Takeaways

• Asset protection planning is crucial to avoid losing everything to nursing home costs.
• There are a few ways to pay for long-term care: out-of-pocket, long-term care insurance, Medicare, and Medicaid.
• Medicaid has asset and income limits for qualification, and a five-year look-back period for asset transfers.
• Life estate deeds and irrevocable trusts are effective strategies for protecting assets.
• Planning in advance is essential to ensure eligibility for Medicaid and protect assets.

Chapters

(00:00) Introduction and Personal Experience with Asset Protection Planning

(03:07) Asset Protection Case Studies

(05:26) Ways to Pay for Long-Term Care

(07:24) Medicaid and Asset Limits

(08:47) Income and Spousal Considerations

(10:23) Medicaid Spend Down

(11:27) Protecting Assets and Risks of Direct Gifting

(13:55) Irrevocable Trusts for Asset Protection

(24:28) The Five-Year Look-Back Period

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