Was working with a family today on their Medicaid planning. Grandma wanted to protect her assets from long term care nursing home costs. We formed a trust for certain members of the family and Grandma is going to transfer assets to certain family members and to the trust.
The question was, "How much should Grandma transfer?" Essentially Grandma wanted to keep enough money in her name to pay her expenses for the next five years during the penalty period, and then transfer the remainder and protect that from nursing home costs which run $70k per year.
Since no one can accurately predict one's future living and medical expenses, the family made an educated guess. But there is little question that Grandma's actions today will save her and her family tens of thouands (probably hundreds of thousands) of dollars in the future.
This family took this action at the right time - which is long before the individual needs to reside in a long term care nursing facility.
If you would like our law firm to provide legal services to you and yours in the area of Louisiana Long Term Care Medicaid eligibility, you can call us at 225-329-2450, or send me and email at paul@rabalaislaw.com. Put in the subject line: need to hire Medicaid lawyer
