Options For Long Term Care Planning

Planning options for long-term care will generally fall into two areas depending on the client’s current need for long-term care.  If there is no immediate need for skilled nursing care or other significant medical issue, the discussion may focus on long term asset protection, or advanced planning.  This usually requires at an asset protection plan in place at least 5 years in advance of a long-term care need.  There are numerous planning options to protect assets if you have time to plan, and multiple factors will affect your decisions.  Some of the factors that will impact your plan will be your income, assets, medical needs, long-term care insurance, age and financial situation of beneficiaries, and whether there are family members with special needs.  This list is not exhaustive, but gives you a sense of the type of information that will be needed to develop a comprehensive plan appropriate for your situation.

Another area of planning, crisis planning, involves an immediate need for skilled nursing care.  Planning options at this time are limited, however there are still options to attempt to protect assets, especially for a married couple.  In addition, a Medicaid application will need to be filed if seeking Medicaid benefits to cover the costs of the Nursing Home.  This process is complicated and the application is lengthy, therefore guidance with this process is strongly recommended.