Long-term Care Planning – Protections of Assets
From Nikki’s interview for the Masters of Estates & Probate series on ReelLawyers.com.
Protection of Assets
Planning for protection of assets and future in-home or nursing home care can be done both long term and short term. The planning strategies will differ, depending upon a person’s health, assets and planning concerns and goals.
Because of the changes in the MO HealthNet (formerly Medicaid) law planning has changed significantly and some of the planning opportunities have indeed been limited. However, there are still various strategic plans that can be used to help preserve assets. Often these strategies must be implemented several years before a successful application for benefits can be made.
Planning can also be utilized for persons whose assets exceed the need for MO HealthNet benefits to pay for long-term care. Strategies can be developed to utilize finances to result in a stream of income to pay for either in-home or nursing home care. Working with a financial advisor, we make sure the proper estate planning documents are in place to ensure our client’s well being.
The attorneys at Mitchell, Brown & Associates will help with long-term planning and assist in determining the best planning strategies to protect assets and ease concerns while still meeting goals for the future. It’s never too early to consult with us.
We encourage you to contact our St. Louis attorneys to get the advice you need. Together, we can discuss your long-term goals and advise you on planning that will allow you to reach those goals.