The most common reason for putting together an estate plan is to have some clarity and control over what happens to your assets after you pass away. However, it’s equally important to think about what you want your own future to look like.
You cannot afford to neglect the process of elder law planning, Medicaid planning, business succession planning and asset protection planning if any or some combination of these apply to you. Thinking about who will take care of you in the event that you become incapacitated or require advanced support for an ongoing medical condition is critical.
Assuming that your children will be able to step in and provide the consistent quality care that you need could be a catastrophic mistake if they are unwilling or unable to do so. This is why it becomes important to think about your future well in advance so that you have the most choices available.
Qualifying for Medicaid can require years of carefully crafted strategies and tools that meet the legal requirements of appropriately disposing of or protecting assets. The support of an experienced Pasadena estate planning lawyer can be instrumental in crafting a long-term Medicaid plan that helps to ensure that you or your spouse have the ability to tap into government benefits for nursing home care sooner rather than later.
This gives peace of mind not just to you and your spouse but also to your other family members who might have had to pick up the pieces and put together a long-term care plan for you outside of the nursing home due to costs.
Need further help? Our Pasadena estate attorneys can help.