Needing long-term care can be a difficult situation to consider. However, even if Texas residents want to believe that they will never end up incapacitated or needing extended care for another reason, it happens to numerous individuals. As a result, it is wise to take steps to plan for care before the need is imminent.
One planning option that many people consider is Medicaid planning. Medicaid can offer financial assistance to qualifying individuals that may help lessen the burden that the costs of long-term care can present. Of course, there are eligibility requirements that must be met in order to obtain this benefit. Namely, a person’s income and assets must not exceed a certain amount, which is where planning ahead can help.
In particular, many individuals want to find ways to reduce countable assets, or assets that Medicaid considers when determining eligibility, and increase exempt assets, or assets that Medicaid does not consider. State law can come into play in regard to exempt assets. Fortunately, some parties may be able to rearrange some of their funds to reduce the number of countable assets they have. For example, individuals may want to move assets into an irrevocable trust, pay off outstanding debts or prepay burial expenses.
Of course, other ways to plan for care exist and so do other options for reducing countable assets and working toward qualifying for Medicaid. Many Texas residents may not know exactly what options would work best for their cases, but before they start to feel overwhelmed, they may want to remember that legal assistance is available. Experienced elder law attorneys can help interested parties obtain information on care planning and Medicaid qualifications.