Medicaid Attorney in Chicago, Illinois
How does Medicaid planning protect assets?
How does Medicaid planning protect assets?
Chicago, IL estate planning & probate attorney SJ Chapman discusses how Medicaid planning protects assets. She explains that when clients seek guidance because they or their family members have been diagnosed with a long-term condition, such as Parkinson’s or Alzheimer’s, there is often a profound concern about the cost of long-term care. Many worry that the assets they have spent a lifetime building—including savings and family homes—may be depleted. To address this, the firm provides Medicaid asset protection planning, which utilizes an irrevocable trust known as a Medicaid asset protection trust. This trust preserves the assets for the individual diagnosed, allowing the funds to serve as a dignity fund that supplements what the long-term care facility provides, whether it is supportive living, nursing home, or memory care. Beyond immediate care needs, this strategy ensures clients can leave a meaningful inheritance for their children, protecting their lifetime savings and homes. This approach is often described as future-proofing both their money and their property.
