When is it too late for Medicaid Planning?
Generally, if there is money left to be saved then there is planning that can be done. However, if you become incompetent then there is little that can be done to save financial assets titled in your name.
What does it mean to be incompetent?
According to Ohio law, a person is incompetent if he is so mentally impaired as a result of a mental or physical illness or disability, or mental retardation, or as a result of chronic substance abuse, that the person is incapable of taking proper care of the person’s self or property or fails to provide for the person’s family or other persons for whom the person is charged by law to provide. Many older people become incompetent from dementia, a stroke or Alzheimer’s disease.
How can I be sure that I will be able to plan for Medicaid in the future?
Execute a Durable Power of Attorney with provisions specifically giving your attorney-in-fact Medicaid planning powers. An elder law attorney who is familiar with Medicaid planning strategies is the best person to ensure that the necessary provisions are included. If you do not have the proper Power of Attorney in place and you become incompetent, there is little hope that the assets in your name can be saved from long-term care costs. Being proactive is the key to saving your hard-earned money.