Is there a legal way to protect family assets when a person is going on Medicaid?
Yes. With area nursing home costs averaging $7,000 to $9,000 per month, many individuals outlive their assets and need to go on Medicaid. It is in the best interest of the resident and his/her family to make funeral pre-arrangements and pre-fund them during the so-called “spend down” process prior to going on Medicaid. This allows the funeral expenses to be pre-paid and not become a burden for the surviving family. It is imperative that this be done in a way that complies with state of residency Medicaid regulations. Call us for details or refer to our Funeral Planning section of this site for information about Medicaid and irrevocable trusts.
