For many people, it can be a struggle when the need for long-term care arises later in life. Medicaid is often the tool used to avoid having to pay out-of-pocket for long-term care. But to be eligible for Medicaid, a person must be almost completely impoverished.
There are several tools available to shield assets so that an individual can become Medicaid eligible. The tools normally involve an individual giving up either all ownership, partial ownership or control of assets.
People in our region try to save throughout their lives. The struggle comes when those people who have saved experience long-term care needs, typically nursing home, assisted living or in-home care.
Often, Medicaid is the tool used to avoid having to pay out-of-pocket for long-term care. However, Medicaid eligibility means that a person must be almost completely impoverished.
Learn more about long-term care and special needs trusts in Lee’s article in the Lima News here: Legal-Ease: Longer lives and special needs trusts
Source: LimaOhio.com, “Legal-Ease: Longer lives and special needs trusts,” by Lee R. Schroeder, January 20, 2018
Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at Lee@LeeSchroeder.com or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.