👉Get started on your estate plan—watch our, on-demand workshop: https://www.daytonestateplanninglaw.com/how-to-not-go-broke-in-a-nursing-home-even-if-you-think-its-too-late/

Board-certified estate planning attorney Ted Gudorf highlights the critical importance of Medicaid planning, especially in crisis situations. He uses a case study to show how strategies like Medicaid-compliant annuities and asset protection trusts can protect a family's assets while ensuring a loved one receives quality care. Gudorf also stresses the significance of timing, particularly the five-year look-back period, which can significantly impact a family's financial outcomes.

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Takeaways

• 70% of Americans over 65 will need long-term care.
• Proper Medicaid planning can save families significant assets.
• Crisis situations require immediate and strategic planning.
• Understanding Medicaid rules is crucial for asset protection.
• Prepaid funeral expenses can help reduce countable assets.
• Income planning can shift resources to maintain financial security.
• Trust-based planning is essential for future asset protection.
• Every family's situation is unique and requires tailored strategies.
• The five-year look-back period is critical in Medicaid planning.
• Starting planning early provides more options and better outcomes.

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
• Subscribe on YouTube