Creating a will, naming beneficiaries and selecting an executor are all part of planning for the end of one's life. However, what many Michigan residents fail to realize is that there may be a number of years toward the end of one's life in which he or she may need care beyond what the family is able to provide. The possible need of this care should also be considered as one going through the estate planning process.
Unfortunately, as one ages, the likelihood of developing dementia, Alzheimer's or suffering from any number of other debilitating conditions increases. Once this happens, the individual is often no longer legally able to make financial decisions or transfer assets. Furthermore, the individual is typically not able to remain at home and take care of him or herself either.
Once the need for Medicaid assistance in providing for nursing home care becomes evident, it is often too late to take action in order to protect one's assets. Thus, it is necessary for individuals to plan ahead. In the majority of instances, it is necessary to restructure one's assets at least five years prior to requiring Medicaid nursing home coverage. Otherwise, the individual will likely be left to utilize his or her life savings and assets paying for this necessary care.
Estate planning is critical for each Michigan resident. Additionally, as one ages, the need to plan for protecting one's assets while still receiving necessary long-term care is crucial. An experienced attorney can help one structure his or her assets so that future needs can be met.
Source: fool.com, "The 2 Words That Could Cost Medicare Beneficiaries Everything", Christy Bieber, Nov. 16, 2017