Q1: What is elder law and Medicaid planning?
A: Elder law and Medicaid planning focuses on helping seniors and their families prepare for the financial, legal, and personal challenges of aging — including protecting assets, managing long-term care costs, and preserving family wealth. At Boyd & Boyd, P.C., we provide thoughtful, realistic advice about whether Medicaid planning makes sense based on your specific circumstances.
Q2: What does Medicaid cover for long-term care?
A: Medicaid can cover nursing home care for eligible individuals, but it is means-tested, meaning you must meet strict asset and income limits to qualify. Medicaid does not typically cover assisted living or in-home care services unless you meet certain criteria.
Q3: Should everyone engage in Medicaid planning?
A: Not necessarily. At Boyd & Boyd, P.C., we believe Medicaid planning is most appropriate when there is a known or imminent need for nursing home care. For many people, private-paying for care can provide higher-quality options than Medicaid facilities offer. Most individuals require nursing home care for about two years, with costs averaging around $150,000 per year. We encourage clients to ask, “Does it make sense to give away everything you own to save about $300,000 — if you even end up needing nursing home care?” In many cases, it doesn’t.
Q4: What are common strategies used in Medicaid planning?
A: Strategies may include:
- Creating irrevocable trusts
- Spending down assets on allowable expenses
- Purchasing exempt resources (such as a home or prepaid funeral arrangements)
- Gifting strategies — carefully timed due to Medicaid’s five-year lookback period
However, these strategies should only be used after carefully evaluating whether Medicaid qualification is truly the best option for your situation.
Q5: How can Boyd & Boyd, P.C. help with elder law and long-term care planning?
A: We help families balance asset protection goals with maintaining access to quality care and financial security. Whether it’s designing a thoughtful Medicaid plan or advising on private-pay strategies that protect family dignity and choice, our approach always puts your family’s best interests first.
Should Ask Questions (SAQs)
Q1: What is the Medicaid “five-year lookback” period?
A: Medicaid reviews all financial transfers made within the five years before an application is filed. Improper transfers can result in a period of ineligibility for benefits. Early, strategic planning — well before care is needed — is essential if Medicaid eligibility will eventually be necessary.
Q2: Can I protect my home if I need nursing home care?
A: In some cases, your primary residence may be protected while you are alive, but it can be subject to estate recovery after death. Strategies like transferring the home to certain family members or using an irrevocable trust may help, but must be evaluated carefully to avoid unintended consequences.
Q3: Will transferring my assets to my children protect them immediately?
A: No. Gifting assets can trigger penalties under the Medicaid lookback rules and expose assets to your children’s own financial risks (such as divorce, creditors, or poor management). We help clients evaluate whether gifting strategies make sense — and if so, how to do them safely.
Q4: Are there alternatives to Medicaid if I want to stay at home longer?
A: Yes. Long-term care insurance, life insurance with long-term care riders, and private pay plans can provide resources to pay for in-home care, assisted living, or private nursing homes — often offering better options than relying on Medicaid alone. We help clients structure plans that prioritize quality of life and flexibility.
Q5: When is the best time to start planning for long-term care?
A: Ideally, planning should begin well before a crisis occurs — typically in your 50s or 60s if possible. However, even if a need for care arises suddenly, it’s never too late to seek guidance. Boyd & Boyd, P.C. offers options for proactive planning as well as crisis response strategies.
Protect your family’s future — without sacrificing your peace of mind.
Schedule a confidential consultation with Boyd & Boyd, P.C. to develop a long-term care plan that balances asset protection, quality care, and family priorities.
Book Your Elder Law & Medicaid Planning Consultation or Request Our Free Long-Term Care Planning Guide.
