HOW CAN WE PREPARE FOR OUR LONGEVITY?
As you know nursing home or senior care facilities can cost $100,000 a year per person and are rising fast! If you run out of the ability to pay for your care the state can seize your home. A Medicaid Qualifying Trust may protect certain assets subject to state seizure in the case of a long-term care the spend-down.
Your first thought is to acquire long-term care insurance to pay for these expenses, but unlimited policies are expensive. There are 5-year term policies and life policies that allow 50% of the death benefit to be used for long-term care. Hopefully, you will live well past this period. When you do live longer than you can pay for care, the state can take your home and other assets as part of the Medicaid Recovery Act.
There is a solution to preserve your home and other assets for your heirs…
The Medicaid Qualifying Trust (assets must be in a trust for 60 months to be protected) may protect certain assets subject to the spend-down, before government assistance would be provided.
By putting assets like your home into your Medicaid Qualifying Trust (MQT), your home may be protected so when the times comes it is passed on to your beneficiary. While your assets are in the Irrevocable MQT you can continue receiving income from these assets.
Are you ready to provide financial security and asset protection for you and your family?