One of the primary goals of a person, particularly as that person reaches advanced age, is to maximize and protect the property that he or she has accumulated over the years. Similarly, the desire to pass the accumulated valuable property to loved ones is equally important. At the same time, an elder must accept the reality of the costs associated with medical care during advanced age, and the potential for the placement of the elder into a nursing home. The cost of nursing home care is, obviously, quite high. At the same time, however, through proper estate planning and preparation for elder care, the elder can ensure that nursing home care and appropriate medical services will be provided through Medicare while, at the same time, preserving the elder’s property to ensure that, upon the death of the elder, the majority, if not all, of the elder’s property will be transferred to the elder’s family or other designated beneficiaries. An Irrevocable Trust for Medicaid eligibility is one of the most common estate planning tools available to an elder for achieving these goals. However, creating the Trust and transferring designated property into the Trust at the appropriate time are the most significant aspects of this form of estate planning.

Additionally, the use of specific types of annuities in conjunction with long term care are a part of the overall Medicaid planning techniques available for the elder.