Medicaid Planning
Legal strategies to arrange your assets and income so you can qualify for Medicaid to cover long-term care costs (like nursing home care) while preserving as much wealth as possible for your family.
Legal Definition
The process of legally structuring an individual's assets, income, and property interests to meet Medicaid eligibility requirements for long-term care benefits while maximizing asset preservation within the bounds of applicable federal and state statutes.
Practical Example
Knowing that nursing home care costs $10,000/month, Mr. and Mrs. Smith work with an elder law attorney to restructure their assets five years before they might need care. They use a Medicaid-compliant annuity and an irrevocable trust to protect their life savings while qualifying for Medicaid.