Identifying Cost Concerns for Long-Term Care Part 2 [Episode 159]
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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao, as they continue their discussion about paying for long-term care.
They highlight the social stigmas associated with utilizing Medicaid planning, in order to receive Medicaid for long-term care costs. Teresa breaks downs the ins and outs of the look-back period involved in preplanning and crisis planning.
Teresa and Joe talk about the tools involved in crisis planning and the intricacies associated with asset protection, including an irrevocable trust. Teresa describes the customizability of the irrevocable trust and how it shields the assets from Medicaid.
Teresa navigates the use of using both a revocable and an irrevocable trust at the same time and how clients use a revocable trust to sustain their standard of living.
Teresa talks about what happens with Medicaid eligibility if an applicant owns a business. The group also discusses how home health services factor into Medicaid. Joe also describes the ins and outs of a qualified annuity.
