Proactive planning is a term used in estate planning to refer to the process of helping people qualify for Medicaid without losing all of their assets. The main strategy involves making qualified transfers of assets at least five years before the need to apply for Medicaid benefits. Planning ahead for long-term care needs is part of this process as well as ensuring that assets remain to be passed down to heirs.
3 Tools to Consider:
- A Medicaid Asset Protection Trusts protect the property placed in this trust once the five year look-back period has been reached. Many include their residences, annuities and life insurance policies in these trusts.
- Personal Care Agreements are service contracts where the senior transfers payments to the family member caregiver.
- Power of Attorney that protect assets.
Call (443) 470-3599 today and schedule a consultation with one of our experienced Maryland Estate Planing Attorneys to learn more about Estate or Elder Law and how we can help you.