From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St., Wausau, WI 54403 eklawwi.com 715-842-0907 jason@eckertlawllc.com 174124 Can I Protect Assets from Long Term Care Costs? Many families worry that a nursing home stay will leave nothing for a spouse or children. The good news is that there are strategies to protect assets. If care isn’t immediately needed, one option is longterm care insurance. Another option is to create an irrevocable Medicaid Asset Protection Trust, which can shelter assets from being counted for Medicaid eligibility. Outright gifting assets is another option. If care is currently or imminently needed, Medicaidcompliant annuities or promissory notes can be used to preserve a portion of the assets. Strategic use of exempt assets can also be used. Married couples may use spousal protection rules to preserve a portion of income and resources for the healthy spouse. Medicaid has strict eligibility rules. Taking action now can provide peace of mind and help secure your financial future. Call to schedule an appointment. From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St., Wausau, WI 54403 eklawwi.com 715-842-0907 jason@eckertlawllc.com 174124 Can I Protect Assets from Long Term Care Costs? Many families worry that a nursing home stay will leave nothing for a spouse or children. The good news is that there are strategies to protect assets. If care isn’t immediately needed, one option is longterm care insurance. Another option is to create an irrevocable Medicaid Asset Protection Trust, which can shelter assets from being counted for Medicaid eligibility. Outright gifting assets is another option. If care is currently or imminently needed, Medicaidcompliant annuities or promissory notes can be used to preserve a portion of the assets. Strategic use of exempt assets can also be used. Married couples may use spousal protection rules to preserve a portion of income and resources for the healthy spouse. Medicaid has strict eligibility rules. Taking action now can provide peace of mind and help secure your financial future. Call to schedule an appointment.
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