There are many common misconceptions about Medicaid and long term care, which include: the nursing home or Medicaid will take my home and money, I will lose my Social Security or pension, and once in a nursing home it is too late to plan. Long term care expenses can exceed $6,000 per month and can be devastating to life-long savings. However, effective planning can make it possible for savings and assets to be passed on to your heirs, instead of to a long term care facility. Present laws enable the spouse of an institutionalized person, with proper guidance and assistance, to keep most of their assets and enough income to continue to live in the community.
Includes planning, with competent counsel, for the distribution of your property before and after your death to meet your wishes. Proper estate planning incorporates many documents which enable you to minimize federal estate taxes, and gift taxes, as well as income taxes for you and your loved ones. Estate planning may also include planning for long term care.