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Minnesota residents: will you qualify for Medicaid?

Minnesota residents do their best to plan for the future and save for retirement. Yet, individuals must often rely on government-funded programs in order to cover the ever-growing costs of long-term care.

While this reliance on programs like Medicaid is needed, individuals may be at jeopardy of qualifying for these programs if their wealth is too high. This can place the person in a difficult position, as they may have too much funds to qualify for Medicaid, but too little funds to pay the high costs of long term care on their own.

This is where estate planning strategies come into play. By using spend down techniques, individuals can avoid the dangerous situation of having too much funds to qualify for necessary government-funded programs. For example, individuals can transfer assets they have like a family farm or cabin into a limited liability company. Other options might be to put the assets into an irrevocable trust, a family limited partnership or a direct transfer to other family members. No matter what option is chosen, the goal is to transfer the asset out of the person's estate, so that it is not counted against the person when it comes to qualifying for Medicaid.

Our firm has worked with many clients over the years to use these strategies with success. By transferring assets and converting other nonexempt assets into exempt assets, we can possibly help individuals qualify for the government-funded programs they need in order to pay the costs of long term care. For more information on how our firm can help you, please visit our long term care planning page.

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