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Zimmer Law Firm

Estate Planning & Elder Law Attorneys

513.721.1513
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  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Communities We Serve
      • Butler County
        • Fairfield
        • Hamilton
        • West Chester
      • Clermont County
        • Milford
      • Hamilton County
        • Blue Ash
        • Cincinnati
        • Loveland
        • Montgomery
        • Sharonville
      • Warren County
        • Mason
    • Our Client Care Program
  • Services
    • Estate Planning
    • Incapacity Planning
    • IRA Inheritance Planning
    • Legacy Wealth Planning
    • LGBTQ Estate Planning
    • Medicaid Planning and Elder Law
    • SECURE Act
    • Special Needs Planning
    • Young Adult Protection Plan
  • Live Events
    • Webinars
  • Resources
    • DocuBank
    • Elder Law Resources
      • Blue Ash
      • Cincinnati
      • Elder Law & Medicaid Definitions
      • Fairfield
      • Hamilton
      • Loveland
      • Montgomery
      • Sharonville
      • West Chester
    • Estate Planning Resources
      • Estate & Gift Tax Figures
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Free Estate Planning Checklist
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Legacy Planning Definitions
      • Top 10 Estate Planning Techniques
    • FAQs
    • Pre Consultation Form
    • Probate Resources
      • Blue Ash
      • Cincinnati
      • Hamilton
      • Loveland
      • Mason
      • Milford
      • Probate Checklist
      • Sharonville
      • Trust Administration & Probate Definitions
      • West Chester
    • Presentations
  • Blog
  • Reviews
  • Contact

Home FAQs What else can you do to prepare for long-term care costs?

What else can you do to prepare for long-term care costs?

Medicaid is a jointly administered federal/state government health insurance program that will pay for living assistance. You are probably aware of the fact it is a need-based program, so there is a $2000 limit on countable assets.

A home is not considered to be a countable asset, but this is deceiving. Medicaid is required to seek reimbursement from your estate if you use the program to pay for long-term care. As a result, they could place a lien on your home if it is in your possession at the time of your passing.

To protect your assets and gain eligibility if and when you need it, you could convey assets into an income only Medicaid trust. This would be an irrevocable trust, and you would not be able to act as the trustee or access the principal but you could receive distributions of the earnings.

After your death, the assets would not count, but you have to act in light of the five-year look back period. You have to complete all divestitures at least five years before you apply for Medicaid coverage.

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What Our Clients Say

Some years ago, Barry Zimmer suggested we do a basic estate plan for our son when he went to college. We had no idea how important it would be! In our son's freshman year, he ended up in the hospital, and we were able to get crucial information about his condition because we had a health care ...

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