009: Medicaid Planning Strategies to Reduce Nursing Home Costs and Protect Savings - Part 2

In today's episode of Life, Legacy & Wealth, we continue the conversation around Medicaid planning, nursing home costs, and asset protection—and the costly mistakes families often make when they try to navigate this process on their own. I'm joined again by elder law attorney Cary Moss, who shares real-world examples from her practice that show how well-intended decisions can create serious financial and legal problems if they're not done correctly. Cary breaks down common red flags, including gifting assets, adding children to accounts, misunderstanding special needs trusts, and relying on incorrect advice from friends or the internet. We also walk through a powerful success story that shows how proper planning can protect a spouse, preserve assets, and bring peace of mind during an incredibly stressful time. If you or your family are thinking about long-term care, Medicaid eligibility, or protecting what you've worked so hard to build, this is a conversation you don't want to miss. In this episode, you will hear: Costly Medicaid planning mistakes families make when acting without legal guidance Gifting assets and triggering Medicaid lookback penalties Why adding children to bank accounts or deeds can backfire financially and legally Misunderstandings around special needs trusts and age-based eligibility rules How proper Medicaid planning protects a well spouse and preserves assets The critical role of durable powers of attorney and enhanced powers Coordinating Medicaid planning with long-term estate and legacy goals Follow and Review: We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.