You may have health coverage and a decent nest egg, including significant assets and savings, but as most people in Florida know, it does not take long for a medical emergency or long-term health care to completely wipe you out. At the Law Offices of Frye & Vazquez, P.L., we know that you would rather leave an inheritance to your children instead of losing it all if you require significant health care in your senior years. It can also be concerning to think about affording long-term care with a modest retirement income and limited medical insurance.
The National Council on Aging explains that Medicaid is available for those with limited resources and a lower income. What if I am not considered low-income, you may wonder? Medicaid planning is a potential option. This type of estate planning can utilize trusts and other strategies to manage your assets and income in a way that protects your loved ones’ inheritance, maintains a comfortable standard of living and qualifies you for Medicaid coverage. Medicaid planning can also prevent your spouse and dependents from becoming overly stressed or destitute if you require significant medical treatments or long-term care.
Like many others, you might not have realized that Medicaid planning is an option when you are preparing for your senior years. This is a complicated area of law and necessitates experienced legal counsel. Our website explains more about addressing such topics as health care directives, your last will and testament, trusts and protecting your estate for the benefit of your loved ones.