When preparing for the future, many people assume that “estate planning” and “Medicaid planning” are the same thing. While both are important and can impact what happens to your assets and your care, they serve distinct purposes. Understanding the difference is key, especially when it comes to protecting your family, your finances, and your long-term well-being.
At Forbes Law, our focus is solely on estate planning. When Medicaid planning is necessary, we collaborate with trusted professionals who specialize in that area to ensure our clients are fully supported.
What Is Estate Planning?
Estate planning is the process of arranging for the management and distribution of your assets during your lifetime and after death. A well-designed estate plan may include:
- A Last Will and Testament
- One or more trusts
- Durable Power of Attorney
- Health Care Power of Attorney or Advance Directive
- A plan for guardianship (if minor children are involved)
The primary goals of estate planning are to:
- Ensure your assets go to your chosen beneficiaries
- Avoid unnecessary court involvement (probate)
- Minimize estate taxes where applicable
- Appoint trusted individuals to handle your affairs if you become incapacitated
Estate planning provides clarity, control, and peace of mind — no matter your age or wealth.
What Is Medicaid Planning?
Medicaid planning, by contrast, focuses on preserving your assets while qualifying for Medicaid — the government program that helps cover long-term care costs such as nursing homes and assisted living. Medicaid eligibility is complex and requires careful timing and asset structuring.
Strategies often involve:
- Transferring assets to irrevocable trusts
- Creating spousal protections
- Navigating Medicaid’s five-year lookback period
- Coordinating spend-down plans
Because Medicaid rules are strict and frequently change, legal guidance from an experienced Medicaid planning professional is essential.
How We Can Help
At Forbes Law, we concentrate on estate planning that aligns with your family’s values and long-term goals. We help clients:
- Draft wills and trusts
- Plan for incapacity
- Avoid probate
- Structure estates to protect loved ones
If Medicaid planning becomes a part of your long-term care concerns, we will refer you to a qualified attorney who focuses exclusively on that area. This allows us to stay focused on what we do best — crafting thoughtful, effective estate plans that work seamlessly with other areas of elder law.
Let’s Start Planning Together
Whether you’re updating an existing plan or creating one from scratch, our experienced estate planning lawyer, Kristen Forbes is here to help. Contact Forbes Law in Davidson, North Carolina to schedule a consultation. Together, we’ll build a plan that protects what matters most.
