MEDICAID ESTATE PLANNING: WAKE UP MIDDLE CLASS!

MEDICAID ESTATE PLANNING

We are in the process of having our ranks thinned. Long term care costs are stealing our generation's inheritance. If one generation cannot give “a leg up” to the next, the next generation will undoubtedly lose out. That is one very important factor behind why the wealthy in our country can get wealthier. The wealthy inherit. What will be left for the children of the middle class to inherit? The answer in large part depends on medicaid estate planning. Now, it is most important to plan not only for “ what if you die?”—but “What if you live, after becoming chronically ill or debilitated?”

Chronic, debilitating illnesses are on the rise. Alzheimers, Diabetes, Heart Disease, living after a serious stroke, Parkinsons Disease, etc. Now about one half of the American population reports having a chronic illness (ftnote: as reported in “A Portrait of the Chronically Ill in America, 2001”, FACCT, The Foundation for Accountability, 1200 NW Naite Parkway, Portland, Oregon, and The Robert Wood Johnson Foundation).

It is truly “Survival of the Fittest” in practice. Only the members of the middle class that remain healthy and well enough to escape requiring nursing home care, and only the members of the middle class that are smart enough to obtain professional legal counsel early enough in life (so as to be outside the five year look back) or smart enough to seek counsel with a Medicaid Crisis Planning Attorney, if within the five year look back, will be positioned to pass to the next generation. Of course, there will also be those fortunate enough, (said with tongue very much in cheek) to die early enough to have assets remaining at death to pass by conventional estate planning methods.

Contact the Law Office of Deborah L. Hadaway, LLC to learn more about estate planning for medicaid and the middle class. Click here to view her website: medicaid estate planning