There is a “goldilocks” time to do Medicaid planning, but it can be a wide range. You can be too young, but you can also be too late.
An ideal time to consider Medicaid planning is after retirement (unless your idea of retirement is 90!), especially if you have stable income and expenses. In almost every case, we can save the family homestead while qualifying someone for Medicaid. We also save a variety of other assets and income streams depending when care might be needed and when the planning is done.
Should you wait until you are in need of Medicaid’s benefits? Emphatically, NO. Although we can help in these circumstances, if you wait until just before needing assisted nursing care, our hands are somewhat tied and we can’t achieve the best results. We can do so much more if we plan well in advance of needing assisted care.
Medicaid planning is not for the super rich nor the very poor; it is for the middle class to obtain the benefits that their taxes have paid.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.
