Once an individual is approved for Medicaid benefits, he or she will receive such benefits subject to the payment of his or her liability. The liability is similar to a copayment under traditional insurance and is calculated based on the recipient’s income.
While a solid legal plan can protect marital assets, a portion of the recipient spouse’s monthly income must typically be used to meet this liability obligation. The loss of monthly income, despite successful asset protection, will often require rethinking the healthy spouse’s monthly budget whether it be re-evaluating monthly expenses or using some of the assets as a source of income replacement.
In this video, Scott Goldsmith, Senior Financial Advisor with Ron Blue Trust, returns, to discuss budgeting with Jeff and the five uses of money.
For more information about estate planning, asset protection planning, and Medicaid and long term care planning, contact the Stinson Law Firm, an elder and special needs law firm in central Indiana, at www.stinsonelderlaw.com or 317-622-8181.
Jeff is Certified as an Elder Law Attorney (CELA) by the National Elder Law Foundation, a distinction held by only a handful of lawyers in Indiana. For almost 20 years, he has focused on elder law, estate planning, long-term care planning, Medicaid planning, Veterans Affairs benefits planning, special needs planning, guardianships, and estate administration.