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.

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao to begin a two-part discussion on long-term care. They highlight how mid- and higher-income brackets can qualify for Medicaid, in order to pay for long-term care through Medicaid planning.

Teresa and Joe break down how the utilization of irrevocable trusts can protect your assets, making them inaccessible and putting you in a specific income bracket. This allows you to qualify for Medicaid to pay for long-term care.

They describe the 5-year look-back period and the rules and penalties associated with the regulation. Teresa also talks about how a healthy spouse, or community spouse, factors into the Medicaid planning and long-term care process and what annuities do, in order to provide income for essentials for the community spouse.

Teresa talks about the asset limit for the institutional spouse and how that differs when both spouses need long-term or nursing home care. She explains the difference between income rules and asset rules, related to Medicaid qualification.

Joe and Teresa stress the importance of finding an elder law attorney, like those at TuckerAllen, to help you navigate the intricacies of planning for long-term care. Teresa also helps navigate home health services and how that can be paid for, amid the COVID-19 pandemic.

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