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When should you begin Medicaid planning?

On Behalf of | Sep 23, 2022 | Estate Planning |

You have a right to be proud of your work ethic. After all, getting up and going to work every day has allowed you to become financially stable. Even if you are not particularly wealthy, you should be able to enjoy the fruits of your labor during your retirement.

According to reporting from U.S. News and World Report, the median cost of a single year in a nursing home is almost $110,000. If you need long-term care, the assets you have acquired during your life may evaporate shockingly quickly.

Can you protect your assets?

While you do not mind paying your fair share for long-term care, you do not want to waste your hard-earned money. Luckily, it is probably possible to protect some of your wealth by engaging in Medicaid planning.

Medicaid planning is a perfectly legal process that keeps some of your assets out of the hands of nursing home administrators. That is, with Medicaid planning, your wealth stays in your family, and you use Medicaid funds to pay for long-term care.

How long does Medicaid planning take?

The need for long-term care can sneak up on a person, but you want to be ready when it arrives. Unfortunately, though, proper Medicaid planning is not something anyone can do in a week or two. Rather, it may take months or even years to develop a workable plan.

If you are enjoying your retirement, you may not want to get into the nuts and bolts of Medicaid planning. Ultimately, though, by starting early, you improve your chances of protecting as many of your assets as possible.