Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao to highlight the importance of financial planning for long-term care through Medicaid, on this episode of ElderTalk with TuckerAllen.
They describe the qualification process of qualifying for Medicaid and emphasize the ability that you have, in protecting your life’s work for your loved ones while still being able to afford long-term care and provide funds for a healthy spouse.
Teresa dives into the laws surrounding Medicaid and how they affect an estate after someone dies, as well as the look-back period and the possible penalties associated with it.
Teresa breaks down what an irrevocable trust is and what it is used for. She and Joe details the rules and regulations associated with an irrevocable trust, as it relates to maintaining Medicaid eligibility and allowing you to live in the house, even if you choose to place it in the irrevocable trust.
Joe explains what annuities are and the criteria to have one. He also talks about how Medicaid is calculated in Missouri and what the income level qualifications are in the state.