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Estate Planning vs. Medicaid Planning: Understanding the Differences

Helping Clients with Sound Financial Planning 

Many clients know their financial and other long-term goals, but are confused about the tools they need to achieve them. They often ask questions such as "Do I need an estate plan to prepare for nursing home costs?" "Will Medicaid planning help protect my assets?" "I have a lot of assets. Can I still qualify for Medicaid?" At Budish, Solomon, Steiner & Peck, LTD, we will listen to your needs and goals, answer your questions, and help determine what type of planning works best for you and your family.

Contact us to discuss your financial future with an experienced attorney.

What is the Difference Between Medicaid Planning and Estate Planning?

Understanding the difference between Medicaid planning and estate planning can be difficult because they often overlap. For example, someone applying for Medicaid may also need an estate planning tool — such as a power of attorney — to make sure their affairs are in order. However, there is one clear distinction.

Medicaid planning involves the advanced protection of assets in order to retain eligibility for long-term government assistance. Estate planning, on the other hand, involves the conserving and passing down of assets to designated beneficiaries.

Consider these points when deciding which one is right for you:

  • Estate planning uses various tools to designate beneficiaries and guardians for young children.
  • Medicaid planning helps you protect assets for your family when entering into a nursing home or other long-term care facility.
  • Estate planning is for preserving assets. Medicaid planning is for reducing them.
  • Someone with significant assets may benefit more from estate planning.
  • Estate planning is useful for adults of all ages, while Medicaid planning is usually reserved for older adults or the disabled.

We help our clients consider all of these points and others when discussing their long-term goals. If necessary, we will also recommend other viable options, including reverse mortgages, long-term care insurance and more.

Contact Us

Are you considering setting up an estate plan to protect assets for your children or grandchildren? Are you interested in Medicaid planning? Do you know the difference? To discuss which option is best for you, contact a lawyer at Budish, Solomon, Steiner & Peck, LTD. From three locations, including Independence, Beachwood and Westlake, we advise clients throughout northeastern Ohio.

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DB
Bedford, Ohio

"Once again my sincere thanks for the thorough and efficient manner in which you've handled everything and given my parents complete peace of mind."

FS
Concord, Ohio

"We cannot adequately thank you enough for your time, talents and expertise explaining what needs to be accomplished for our parents’ Medicaid applications. You were so thorough, so patient in listening to us whenever we began relating stories about family issues, and so knowledgeable. Thank you so very much for your competent direction."

DSV
Chagrin Falls Ohio

"We were greatly relieved as a family to have Laurie Steiner's guidance and great insight into elder care/family law as I moved my father and developmentally challenged sister to NE Ohio. With that brought layers of decisions from various factions of benefits/laws/governances. And during my father's final days she and her colleagues were amazingly astute and responsive as we considered all options should my father's condition linger. And more recently, an unusual, often misunderstood situation with my sister's Medicare Premium benefits when it was only Laurie that could bring any clarity to otherwise well-meaning staffs of people whose job it is to understand the complicated nuances the Medicare/Medicaid benefit system often presents."

RG
Lyndhurst Ohio

"I and our family would like to thank you again for the kindness and professionalism you showed us during the last several months that were involved with taking care of my wife… Again thank you very much and I would be more than happy to recommend your services to any interested party."

LJT
Strongsville, Ohio

"Laurie and Josephine deserve special recognition for their exceptional interest."

CS
North Royalton, Ohio

"Jennifer Peck did an excellent job.  Our whole experience was good and everyone was very helpful"

PR
Mentor, Ohio

"Everyone was very friendly and made us feel at ease. It was our first time dealing with attorneys."

GS
Seven Hills, Ohio

"Laurie Steiner explained everything excellently."

REK
North Olmsted, Ohio

"Everyone has always acted extremely professional.  Jennifer and Ann deserve special recognition because they both were understanding, kind, and very helpful to my wife and I."

CL
Mayfield Hts., Ohio

"All Staff have been great!"

MAR
Mayfield Hts., Ohio

"Your staff was so helpful for me to understand it all.  You made this all so easy for me-was a wonderful experience."

JB
Akron, Ohio

"Thanks so much for all your expertise and patience."

AN
Stow, Ohio

"Once again your firm has provided outstanding legal services, that I have come to expect and appreciate."

DL
Solon, Ohio

"You've always been very responsive, kind and helpful, and all three are greatly appreciated."

PK
Middleburg Hts., Ohio

"My sister and I have truly appreciated all your help and your firms help throughout this whole situation with our mom as everything was handled in a very professional manner."

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Office Location

Phone: 216-245-0185
Toll free: 1-866-642-0932
Fax: 216-595-2787
Email: Contact Us

Beachwood
Commerce Park IV, Suite 450
23240 Chagrin Boulevard
Beachwood, OH 44122
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Independence
6100 Oaktree Blvd.
Suite #200 - Park Centre 1
Independence, OH 44131
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Westlake
159 Crocker Park Boulevard
4th Floor
Westlake, Ohio 44145
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