Protecting assets against potential loss is one of the key parts of estate planning. You’ll want to be sure that your money and property are safe both during your lifetime and after you pass.
One of the most important ways you can do this is to create a Medicaid plan. Nursing home care is very costly and it’s not covered by Medicare or other medical insurance except in very limited situations. Medicaid does cover custodial care in a nursing home, which is the routine care most people need—but you must have limited assets to qualify. Making a Medicaid plan to avoid spending down your wealth while ensuring you can get access to nursing home coverage can be very important.
You may also wish to protect your assets against creditor claims, make sure that an irresponsible heir doesn’t spend the money that you leave to them, take steps to reduce or avoid estate taxes if you have a larger estate, or avoid the probate process.
The first step in your estate plan should be to identify all of these potential threats to your estate so you can choose the right tools to keep your money and property safe. An attorney can help you with this process if you aren’t sure where to start.