Protect your assets from Medicaid’s estate recovery program

Thanks to medical advancements and lifestyle changes, Georgia residents have a longer life expectancy than at any other time in history. As a result, more people must face the reality of long-term care. This requires being financially prepared.

According to Georgia Medicaid, members often reimburse taxpayers for their long-term care and services through the estate recovery program. This means that the state takes your qualified assets upon your death.

Long-term care realities

Medicaid helps cover the costs of long-term care for the elderly. It often pays for nursing home facilities, community or home-based care, hospital expenses and other medical services. You may use Medicaid if you cannot pay for the care on your own. If you use estate planning tools and protect your assets, you may also use this government program.

Protect your estate

Upon your death, Medicaid can pursue assets from your estate, potentially including those that are not subject to probate. The family home is often the subject of the estate recovery program. In this situation, your beneficiaries must handle the expenses related to your death and do so with a smaller inheritance. Your loved ones might shoulder an extensive financial burden.

You may have several options available to help you protect your assets and care for your family after you pass away. The best steps for asset protection planning depend on the size and contents of your estate. They might include the following:

  • Removing assets from the probate process
  • Jointly owned assets with the right of survivorship
  • An annuity that transfers to your spouse upon your death

It is critical that you understand the complex laws and requirements related to Medicaid. It can help you protect your estate if you become incapacitated and require long-term care.

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Kevin Tharpe

With 25 years of experience, Kevin understands how estate planning, special needs planning, and government benefits programs work together. This is a crucial element of a thorough plan. He explains your eligibility for benefits programs and ensures that you do not make costly mistakes that may disqualify you or deplete your assets.

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