Long-term care is one of the most significant financial concerns for families in Florida. With the rising costs of nursing homes, assisted living facilities, and in-home care, many Floridians worry about how they’ll pay for care without depleting their savings or losing their home. Protecting your estate from these costs is not just about preserving your financial security—it’s about ensuring peace of mind for you and your loved ones

At The Law Office of Audrey Ehrhardt, we understand the challenges that come with planning for long-term care. As Sandwich Generation caregivers ourselves, we know how important it is to create a plan that safeguards your hard-earned assets while ensuring access to the care you need. Whether you’re planning for yourself or helping a loved one, we’re here to provide expert, empathetic guidance tailored to your unique needs. Let us share just a few strategies to protect your estate.

1. Medicaid Planning. Medicaid is a vital resource for covering long-term care costs, but qualifying for benefits requires careful planning. By working with an experienced elder law attorney, you can explore strategies to protect your assets while meeting Medicaid’s strict income and asset limits. These may include creating irrevocable trusts, transferring assets, or using Medicaid-compliant annuities.
2. Establish a Trust Agreement. Trusts are powerful tools for protecting your estate. A revocable living trust can help you manage your assets during your lifetime and distribute them efficiently after your passing. For long-term care specifically, an irrevocable Medicaid trust can shield assets from being counted toward Medicaid eligibility.
3. Understand Exempt Assets. In Florida, certain assets are exempt from Medicaid’s eligibility calculations. These may include your primary residence (up to a certain value), personal belongings, and a car. Proper planning ensures these assets remain protected while still qualifying for benefits.
4. Create a Caregiver Agreement. If a family member is providing care, a formal caregiver agreement can allow you to pay them for their services while complying with Medicaid’s requirements. This strategy helps reduce your countable assets while ensuring your care needs are met.
5. Long-Term Care Insurance. For those planning ahead, long-term care insurance can cover costs that Medicaid may not, such as private nursing home rooms or additional in-home care services. While this option requires purchasing a policy earlier in life, it can provide significant financial protection.

It is critical to plan ahead. Unfortunately, waiting until long-term care is needed can limit your options and increase financial strain. Florida’s Medicaid program enforces a five-year look-back period, meaning certain financial transactions made within five years of applying for benefits could result in penalties. Proactive planning allows you to protect your estate while ensuring you or your loved one can access the care needed when the time comes.

At The Law Office of Audrey Ehrhardt, we’re dedicated to helping Florida families navigate the complexities of long-term care planning. Our virtual firm offers the convenience of meeting you wherever you are, saving time and providing compassionate, expert support. We encourage you to schedule your free 30-minute consultation today to discuss your options and create a plan that protects your estate, secures your care, and brings peace of mind to you and your family. Together, we can help you prepare for whatever the future holds.