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Protect Accumulated Assets and Inheritances From the Costs of Long-Term CareProtect Accumulated Assets and Inheritances From the Costs of Long-Term Care

Workable solutions to enable Medicaid benefits to become available

Rodney L. Goodwin

May 18, 2016

8 Min Read
Protect Accumulated Assets and Inheritances From the Costs of Long-Term Care

For the typical married clients, the costs of long-term care (LTC) can easily destroy any economic protection from accumulated assets of the couple on the admission of an ill spouse into an LTC facility, leaving the well spouse destitute. Likewise, inherited funds from a deceased spouse can quickly disappear if the survivor needs LTC.

Here’s four examples of what LTC can cost annually in 2016 for a semi-private room:1 Arizona, $75,555; Colorado, $83,220; Florida, $89,060; and Washington, $96,725.

With these increasing costs, it’s essential to protect the assets of your clients. Asset protection techniques can minimize the damage for well-advised clients. Here are two workable solutions to protect the accumulated assets or inheritances from...

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About the Author

Rodney L. Goodwin

Rodney L. Goodwin is CEO and founder of The Commonwealth Group, where he advises attorneys on income, gift and estate tax issues and provides plan design assistance. He was previously the associate director of Continuing Legal Education at The American Academy of Estate Planning Attorneys. Mr. Goodwin is author and co-author of various professional publications, including "Domestic Asset Protection Trusts: Tennessee’s Investment Services Trust and Applicability for a Creditor’s Right’s Counsel," and "Estate Planning At The Movies-Art of the Estate Tax Return." He is also an acknowledged contributor to numerous CPE/CLE presentations, including "Taxation of the Revocable Grantor Trust Before and After the Death of the Grantor" and "Corporate Loss Carryovers Under Internal Revenue Code Section 382." 

Mr. Goodwin obtained his B.A. in Economics at the University of California, Los Angeles and his M.S. in Federal Taxation at Golden Gate University in San Francisco.