Medicaid vs Traditional Estate Planning Medicaid and Traditional Estate Planning are similar in many ways. However, there are some differences between them.
Medicaid
Point
Traditional
1
Point
1
Medicaid Estate Planning
Traditional Estate
is focused on structuring
Planning is concerned
your assets in a way that
with preserving the value
allows you to qualify for
of your assets upon your
Medicaid long-term care
death
benefits.
Point
2
Point
2
Medicaid Estate Planning
Traditional Estate
preserve assets like your
Planning makes sure your
home for your children to
estates are efficiently
inherit. and protect from
transferred to your
medicaid.
beneficiaries.
Point
3
Point
Estate Plan is a collection
Medicaid Estate Planning
of legal documents
requires advanced
outlining your wishes
planning strategies and
regarding the distribution
some of the legal
of your estate after you
documents differ.
Point
3
pass away.
4
Point
4
Medicaid Includes your
Your Estate includes all
assets like your home
of the money, assets,
and life savings, It can
and debt you own at
be protected against
the time of your death.
medicaid.
Estate Planning
Medicaid
For Medicaid Estate Planning you
Estate Planning involves engaging
will need to work with a Medicaid
an Estate Planning Attorney who
Planning Attorney.
helps you prepare all the necessary legal documents.
References
https://rochesterlawcenter.com/medicaid/medicaid-estate-planning-vs-estateplanning/