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. (Click picture to go to video)
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.