It is amazing how quickly things can happen. One minute you or your elderly loved one could be sitting at home enjoying retirement and the next they are in the hospital facing long term care because of serious health complications. The idea of it can be so frightening that many people avoid event thinking about it. Which means they also avoid planning for it. When the worst does happen, it may seem like it is too late to do any Medicaid planning in order to qualify for benefits, but that simply isn’t true.

It is Never Too Late for Planning

In many cases, even after a serious diagnosis requiring long term care has been made, you can still leverage the services of an elder law attorney like Stano Law group to assist. While you may not be able to protect all of the assets, many times well over fifty percent of the assets can be saved; depending on the situation.

This can be very important if there is one healthy member of a couple that still needs to draw on the assets in order to live. This includes being able to stay in a home that is owned by the couple. Fortunately it is never too late to plan.

Trusts are a Good Option

One way that assets can be protected is through a trust. This is where the assets that are jointly owned are granted to the healthy partner and then placed into protected status so that they can be used to live off of. This process then allows the partner who needs Medicaid assistance to apply and have assistance granted for long term care.

If you find that you or an elderly loved one in need of long term care planning, contact Stano Law group.