Failing to Pre-Plan Your Medicaid Needs
This is a 10 part series on mistakes that people make surrounding Medicaid.
#2 Failing to Pre-Plan
There are three types of pre-planning that I’d like to talk about today.
Failure to acquire Long Term Care Insurance. Many people perceive Long Term Care Insurance as being too expensive or believe it to not be worth the money.
Failure to save enough money. If we haven’t saved enough money to cover the cost of care on top of other expenses we have, the funds will be depleted very quickly. Here in Colorado, the average cost of a nursing home is between $8,000-$10,000 a month. How are you planning to pay for that? If you haven't saved enough, it will be difficult to get enough money coming in from your income sources without vastly depleting those resources.
Failure of being aware of specialized trusts that are protected. There are specialized asset protection trusts that we can inform you of. These trusts can be protected when/if you or your spouse fall ill. With these types of trusts you can start protecting WHAT you want to protect, WHEN you want to protect it. You have total control and access to your accounts.
If you want to hear more about the other nine mistakes that people make surrounding Medicaid, please watch, like & subscribe to our YouTube channel.
We also have workshops each month that are completely free. Learn about those on our website or contact estate planning attorneys at (720) 440-2774.