There is a fine line between too much and not enough. Nothing can be truer than when you are looking at the costs of long term healthcare and are trying to figure out how to pay it with the resources you have on hand. If you find that you or an elderly loved one have too much in the way of savings or resources to qualify for Medicaid, but not enough to cover the costs of long term care, you may be wondering what to do.

Irrevocable Trust

You might want to consider placing up to $15,000 into an irrevocable trust. One trust that can be of great benefit is an irrevocable funeral trust. They can offer several advantages over paying for a funeral up front.

A trust does not require you to plan in detail, as you would with a funeral home. It can also include things like travel expenses for distant family or other costs that might be involved. Look closely at this option as a way to get under the qualifying amount.

Medicaid Qualifying Annuity

This is something that can be used in a case where one spouse needs care while the other one does not. Joint assets must be spent on one spouse (according to Medicaid rules). This can leave the other spouse with little to nothing to live on. This is where a qualifying annuity can help out.

For assistance in setting up an irrevocable trust or qualifying annuity contact Stano Law group today.