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Medicaid planning allows the Georgia resident to protect assets

The simple fact is most Georgia residents will require some type of care as they get older. Some will be able to enjoy their golden years in the comfort of their own home surrounded by loved ones. Others, however, will require care beyond what loved ones are able or willing to provide. Yet, the cost of obtaining this outside care can be prohibitive. For this reason, Medicaid planning is essential to preserving one's assets and wealth.

At the time care is needed, there is little that can be done to shield assets. If one requires care inside the home, he or she can expect to pay in excess of $4,000 per month. Additionally, if it is necessary for one to enter a nursing home, this cost escalates to over $7,000 per month. Unfortunately, these costs are not covered by Medicare and Medicaid will only cover nursing home costs based upon a means test. One's life savings can quickly disappear in light of such expenses.

However, by working with an experienced attorney and planning ahead, it is possible to structure assets and protect one's life savings. Planning ahead is an important component. The transfer of assets within five years of needing such Medicaid benefits can make one ineligible for them during this time period.

Most Georgia residents assume that they will be able to remain in their home as they age. However, it is possible that one will require ongoing care that simply cannot be provided at home. Medicaid planning allows the individual to plan for the future while still protecting one's assets.

Source: fool.com, "The 2 Words That Could Cost Medicare Beneficiaries Everything", Christy Bieber, Nov. 16, 2017

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At Hodges Law Firm, we handle a wide range of legal issues for clients throughout the Atlanta area, including elder law, estate planning, probate, Medicaid planning and protection, asset protection, litigation, and business law and services. We are knowledgeable in the law and understand the real life implications of legal actions.