The foundation for a strong asset protection plan is a comprehensive power of attorney. Unfortunately, this is not something you can just download off the internet, because you have to understand the Medicaid rules in order to understand what makes a power of attorney powerful.

Many people do a will or revocable living trust in order to pass their assets to the proper heirs upon their death. Obviously, this is an important part of any estate plan.

But it raises the question, "What if you don't die, but become sick along the way?" In that case, with care running $7,000 per month or more, if you haven't dealt with planning during a period of incapacity or illness, there may be nothing left to pass on to your heirs. That's why it's crucial to have powers of attorney in place that allow for Medicaid asset protection or the ability to change the plan if the circumstances warrant to make sure you are protected no matter what lies ahead.

Nobody wants to be out of money and out of options. Our job is to help you and your loved ones reach your goal to receive quality healthcare and preserve your options. When you are dealing with long term care costs and perhaps Medicaid, then you need a powerful power of attorney that allows your agent to be able to take very specific actions to protect you and your loved ones. This may include gifting language, the ability to deal with real estate appropriately, and the ability to change estate planning documents when needed so you don't lose a lifetime of accumulating assets, to the cost of long term care, should you or your spouse become ill.

For more information:

Young People Need Power of Attorney Documents too

Time to Review Your Estate Plan

The Difference Between a Power of Attorney and a Guardianship