Once again, when it comes to Medicaid planning, an experienced Elder Law attorney is needed. There are other techniques which may be available depending on the circumstances, such as using an Income Trust or purchasing rental property. What is important to know is that Medicaid planning and asset protection are available and can be effectively used to preserve assets, but the procedure is different than before. The key is to plan wisely. Before purchasing such a policy, it is advisable to have a knowledgeable attorney review it and give you his or her comments.
Some policies cost a lot, but give very little in the form of benefits.
Finally, one must avoid hysteria about winding up in a nursing home and having all of your assets confiscated. First, nursing homes do not confiscate assets. Second, the best thing you can do is plan calmly and rationally and then get about your life. It is recommended that a member of the National Academy of Elder Law Attorneys or a member of the Florida Elder Law Section of the Florida Bar be consulted for Elder Law matters. There are other techniques which may be available depending on individual circumstances.