While some individuals are able to pay for long-term care expenses through savings and/or through insurance benefits, others end up relying on Medicaid benefits to fund these costs. While doing so allows them to access needed services, it can require that they first sharply draw down their assets. Which leads to a variety of planning strategies that allow an individual to preserve assets for a spouse or future generations while still qualifying for Medicaid benefits. However, such strategies come wtih tradeoffs and might not actually represent an individual's interests.
In this episode, we are joined by David Haughton, Vice President of Estate Planning at Carson Group, to explore how Medicaid planning works in the long-term care context, why the "best" planning strategy might not be straightforward, and the ethical challenges advisors can face when adult children, powers of attorney, and aging parents have competing priorities. David also talks about proactive versus crisis planning and practical ways advisors can start these conversations well before a care need arises.
