Asset Protection from Long-Term Care Costs

Episode Summary: In this episode of *The Business Law, Estate Planning, and Estates Podcast* Thomas LaPorte discusses key Medicaid rules in New Hampshire and Massachusetts regarding long-term care planning. He emphasizes the financial and medical eligibility criteria, the impact of home ownership on long-term care planning, asset transfer considerations, and the role of trusts in achieving long-term care goals. Thomas also advises on early planning steps for protecting home and savings before the need for long-term care arises, offering valuable insights for families facing this challenge. Key Timestamps: 00:00 – Introduction 01:30 – Overview of Medicaid rules in New Hampshire and Massachusetts 04:15 – Financial eligibility criteria for Medicaid 07:45 – Impact of home ownership on long-term care planning 10:20 – Asset transfer considerations and the five-year look back period 14:00 – Factors guiding the use of trusts for long-term care goals 17:30 – Advice for adult children assisting elderly parents with long-term care planning 21:10 – Steps to protect home and savings early before long-term care needs arise About the Show: *The Business Law, Estate Planning, and Estates Podcast* features Thomas LaPorte, offering expert guidance on asset protection, estate planning, and navigating business and estate legal matters with clarity. Gain valuable insights and actionable advice to safeguard your assets and plan for the future effectively.