Have you worked hard during your adult life to save for retirement but fear that you may one day need long term care (e.g., nursing home care), forcing you to spend every dollar of your hard-earned money paying for your care and leaving nothing for your loved ones? If so, you are not alone.
Medicaid is a joint federal-state health care program typically for low-income families; however, many elderly Texans find themselves in need of governmental assistance when they go into a nursing home or receive other long-term care. Texas Medicaid long-term care eligibility requirements are complex. Texas looks at a person’s current income, assets, marital status, as well as a person’s history of recent spending/gifting. Some assets are “countable” and some are “non-countable.” If it is possible you or your loved one may need government assistance with long-term care, it would be wise to seek counsel prior to taking any actions.
At Hubbard + Rotthier, we can talk you through a variety of ways to protect your assets against the ever-increasing costs of long-term care.
