Hello hello I was wondering if anyone has any information on the special needs and medical planning?
We are we are trying to set up our estate planning and I am being told by many that because of my husband's house situation we should set up a Special Needs Trust with medical planning. It is very expensive and protects the assets so that the surviving spouse is not destitute if the special need spouse enters into a nursing home.
I don't think this is what you are looking for. If your husband goes on Medicaid, the house is not included as income. As a Community spouse, you will not become impoverished. You will be able to remain in the house and have a car. More to it but this is basic.
You could have a consultation with a lawyer. Tell him what you are looking for. Pick one versed in Medicaid. It may just be a trust to protect the house and whatever
My husband has
Multiple medical issues and it's very expensive for his needs. Diabetes, stroke, bipolar,kidney.. he is 65 and for
The last the last few years we have been able to sustain with selling our rental properties. We have gone to an attorney for Estate Planning and through the National elder law many families are faced with the same situation and I believe now it is called asset protection for medical and long-term assistance. We have been told it's approximately 4000 just for the Special Needs Trust and anywhere from 11 to 13 thousand to set up the gifting third-party Trust. Of course we all know how expensive it is a month for long-term care so the elder law attorneys are saying this is the best way to protect one's assets and that way it will cover what Medi-Cal will not pay for. Has anyone actually done this kind of trust. So very confusing
It it is State and federally approved but has to be set up according to their rules. With the high cost of healthcare and caregiving I can understand that something had to be in the works but I would just feel better if I
Research research more before I put out the funds that I can use for his care right now.