Medicaid: Program's complexity rewards advance legal planning

As is similarly true with many other areas of life, timely and effective planning in advance of any material change in circumstances can go far toward bringing about an optimal outcome.

That is especially true with estate planning, in virtually all its dimensions.

Take long-term care planning, for example, an area of estate administration that can be especially compelling for many individuals and families in Ohio and nationally.

That is only logical. We all age, with hard statistical data firmly endorsing the fact that many millions of Americans will need to receive long-term care outside their homes at some point in their lives.

That often means nursing home care, a prospect that immediately raises an internal and stressful question for many aging people, namely this: How can I ensure that I will have the money to afford such care?

That is an obviously understandable concern, given the spiraling costs related to long-term care these days.

A national nonprofit group of accountants responds to that concern with salient points made in an informational tract entitled "Medicaid planning basics."

A foremost point that emerges from the organization is the need for any individual or family concerned with long-term care and nursing home costs to consult as early as possible with a proven Medicaid planning attorney.

Early consultation can pay off, both figuratively and literally. The rules and processes entailed in Medicaid are complex, with myriad factors coming into play that will help determine eligibility, the assets that can be protected from the government's reach for long-term care and additionally relevant matters.

For those reasons, the American Institute of Certified Public Accountants strongly counsels persons with long-term care questions or concerns to speak with an experienced planning lawyer.

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