All I can say is advanced care planning is the moral of the story. Not only for today’s episode, but in general. The concept of advanced planning is not rocket science. We do it for vacations, weddings, and other fun things. But it’s even more important when planning for old age, the potential for infirmity, and death. Everything your parents have worked their entire life for is at stake.
Todd Lutsky is an elder attorney and an expert in elder law and all things regarding asset protection. He gives us an elementary education on terminology, and provides great examples of why it is SO important to consult with an elder law attorney to talk about how best to protect your assets. He defines Medicaid Planning, Life Estate Planning, Medicaid Qualified Annuities, as well as Medicaid Income Only Irrevocable Trusts, to name a few.
All I can say is one of THE most important episode I have produced thus far. “The Greying of America” is real. And impending. Are you going to stay silent because these subjects are “personal” and “none of my business” or speak up and start helping your parents negotiate the later stages of life in a way that is beneficial and protective of their lives of hard work? Why shouldn’t asset protection be as important as your next vacation?
Links to Todd and additional resources can be found here: