Episode description

This conversation focuses on crisis Medicaid planning, detailing how individuals can protect their assets while qualifying for Medicaid. Ted explains the eligibility requirements, asset limits, and various strategies available for both single individuals and married couples. 

He emphasizes the importance of legal planning and the role of Gudorf Law Group in assisting families during these challenging times.

Takeaways

• Crisis Medicaid planning can protect a significant portion of assets.
• Medicaid eligibility requires strict asset limits: $2,000 for singles, $3,000 for married couples needing care.
• Legal strategies can help preserve about 50% of remaining assets for singles and 100% for married couples with a healthy spouse.
• Customized plans often involve creating specialized trusts for asset protection.
• The timing of asset transfers is crucial due to Medicaid's five-year look-back period.
• Crisis planning is about ensuring access to quality care while maintaining financial stability.
• Asset protection strategies can convert countable assets into exempt assets.
• Gudorf Law Group offers comprehensive support in Medicaid planning and application processes.

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
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