Wednesday, September 24, 2014

Boomer Watch: Reblogged - Medicaid and Gifting Assets to Protect from Long-Term Care Cost

Long-term care is becoming a hot issue among baby boomers, affordability is the biggest issue. The cost of long-term care services comes with a high price tag so if you want quality care when you want it and where you want it, you must be able to afford it.

Only few people have planned for future long-term care needs, while the others intend to rely on family members and the government. But wait! Medicare does not cover long-term care, it only covers skilled care for a limited period of time. Medicaid however, does cover ltc, but you need to pass the poverty criteria in order to qualify.  Some people impoverish themselves so they can qualify for medicaid, while others try to gift their assets to their children - you should be wary of this strategy as you may be subjected to penalty disqualification.

James Koewler, an elder law lawyer, discusses about giving away assets and protecting assets from potential long-term care cost.  See how you can wisely plan ahead to avoid any issues when the need for care arises.

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