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Attorney Ted Gudorf highlights the critical role of strategic planning in Medicaid and long-term care. He breaks down the complexities of the Medicaid system, including the five-year look-back period, and outlines legal strategies designed to safeguard assets while still qualifying for benefits. Key topics include the use of Medicaid Asset Protection Trusts, the function of annuities, and advanced planning options tailored for both married couples and single individuals. Gudorf underscores the importance of proactive elder law planning to help individuals maintain control over their care and preserve their legacy.

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Takeaways

• Strategic planning is crucial for protecting assets.
• Medicaid is the primary payer for long-term care, not Medicare.
• Understanding the five-year look-back period is essential.
• Timing is key in Medicaid planning; start early if possible.
• Medicaid Asset Protection Trusts can safeguard assets.
• Converting countable assets into exempt assets is a viable strategy.
• Medicaid compliant annuities can help couples protect excess assets.
• The Half a Loaf program allows partial asset gifting for single individuals.
• Comprehensive elder law planning includes various legal documents.
• Planning is necessary to ensure quality care and asset protection.

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