I spend a lot of my day working to protect people from the exorbitant cost of long-term care. When I tell people that I can protect some or all of their assets from “the nursing home” or Medicaid, their first question is “how?”
The question is clear. The answer is a little more complicated. I speak with attorneys all over the country who do the same thing as me. We communicate every day to find the best ways to protect our clients and their families and it can get pretty technical based on the needs and goals of the client. But, the most common way to protect someone from the cost of long-term care is through the use of a trust.
A trust is like a bucket. Depending on what you want to do, the bucket might work differently. Some trust buckets have lids, others don’t. In this case, we need a bucket with a closed lid. We need to put enough distance between you and your assets so that Medicaid won’t count the assets against you.
Y’ALL, DO NOT TRY TO DO THIS ON YOUR OWN! This is not the time for DIY. I hear stories every day about people who tried to give stuff to their kid to protect it and how it blew up in their faces. Medicaid law is very complicated. If you try to protect assets on your own, you can end up costing yourself a lot of money.
Obviously, this is what I do and I would love your business. But there are several excellent, highly experienced elder law attorneys in Birmingham who could help you. You don’t have to come to me but PLEASE don’t try to do it on your own.