Contact Us For A Consultation
302-644-7181 Lewes
302-697-4900 Camden

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.

No Comments

Leave a comment
Comment Information

What Our Clients Say About Us…

My wife and I would like to take this opportunity to highly recommend the legal practice of Bonnie Benson and her very professional staff… Bonnie and her staff are organized, engaged in the client's case and they communicate effectively.

Read More
Latest Blogs
Get The Help Now

Need Answers Now? Contact Us Immediately

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

your success. our commitment. elder counsel excellence in elder law  and special needs state bar delaware association

Camden Office
306 East Camden Wyoming Avenue
Camden, DE 19934

Phone: 302-697-4900
Fax: 302-697-4901
Camden Law Office Map

Lewes Office
33718 B Wescoats Road
Lewes, DE 19958

Phone: 302-644-7181
Fax: 302-644-7182
Lewes Law Office Map

We Accept visa mastercard discover network
Review Us