You have spent most of your life working diligently, investing in your property and making memories with your loved ones. When it comes time for you or your spouse to enter a nursing home, you might worry what will happen to your assets.
Your hard-earned assets include all your property, such as your home, cabin or farm and retirement investments. If you have a sizable amount of property and assets, you might be ineligible for Medicaid. Instead of your wealth going to you family, it could be used to pay for your nursing home care.
Protect assets with safeguards
There are options out there to help you take control of your financial situation. Each circumstance is unique. Protecting your property and assets is completely necessary, no matter what stage of life.
A trust is a great way to protect your property and assets. It ensures that your family will receive exactly what you want them to. The type of trust you need depends on the best interest of you and your family. A well-crafted trust document will express your wishes in detail, supply special provisions and dictate where your assets go.
Medicaid and Medicare programs follow state-specific rules. In Illinois, changes are made constantly. That’s why strategic, long-term care plans are essential for aging couples and individuals. You want to be sure that you receive the financial assistance you need, while not putting your estate at risk. A specialized Medicaid trust does just that.
Unlike a will, your trust is private. Therefore, your assets stay in your control and you avoid hefty estate taxes. It will also cut out the risk of ineligibility for Medicaid programs, because your resources and income won’t be public.
A trust is beneficial in many ways. It protects your assets and gives you a peace-of-mind. Additionally, having a trust will take your estate out of the probate process, which saves your family time and money. Not only will you take care of yourself, but you take care of your loved ones in the process.