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Medicaid planning may be wise for long-term care expenses

Many Delaware residents may find themselves in need of financial assistance for various reasons. One reason in particular is that they may need help paying for long-term care later in life. By planning ahead, individuals may be able to arrange assets in a way that better their chances of qualifying for programs like Medicaid.

Medicaid can provide financial benefits for long-term care needs, but parties need to meet certain qualifications, which can vary from state to state. However, in general, income and asset values play a significant part in eligibility. This means that if an applicant's monthly income or asset value exceeds a certain amount, that person may not qualify. Fortunately, by anticipating this factor, people can work to reduce their income and asset values.

One way to work toward this goal is to set up an irrevocable trust. By placing assets into a trust, a person effectively removes the property from the countable assets of the estate. It is important to remember, though, that the trust needs to be irrevocable. Because irrevocable trusts cannot be changed, Medicaid agents do not consider assets in them countable, but an applicant could face certain penalties if the transfer of assets took place within a certain period of time before applying for benefits.

Delaware residents could also take advantage of other ways to plan for long-term care and to potentially qualify for financial assistance. In order to gain more information on Medicaid planning, it may be wise for interested parties to discuss their circumstances with legal professionals. Elder law attorneys can explain planning options and the pros and cons of taking such action.

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