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There are a lot of myths and misconceptions floating around about estate planning and long term care planning. Many families fail to plan because they feel overwhelmed and not sure where to start, so they never put a plan in place. Our mission with this podcast is to give you a starting point, and empower you to ask the questions that matter most when it comes to putting the right estate plan together for you and your family. 
In each episode, we are addressing the myths and misconceptions about estate planning and long-term care planning. We’re breaking the process down into digestible information and steps so you will feel confident and motivated to put a plan in place to protect your family.

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Mar 19, 2024

In this episode, Bill Miller discusses asset protection planning in the context of long-term care and nursing home costs. Learn from personal experiences of families who didn’t have a plan in place and lost everything, as well as families who successfully protected their assets. Explore the different ways to pay for long-term care, including out-of-pocket, long-term care insurance, Medicare, and Medicaid. Bill delves into the asset and income limits for Medicaid qualification and the concept of spend down. He touches on the use of life estate deeds and irrevocable trusts for asset protection. Lastly, Bill emphasizes the importance of planning in advance and the five-year look-back period for Medicaid eligibility.



  • Asset protection planning is crucial to avoid losing everything to nursing home costs.
  • There are a few ways to pay for long-term care: out-of-pocket, long-term care insurance, Medicare, and Medicaid.
  • Medicaid has asset and income limits for qualification, and a five-year look-back period for asset transfers.
  • Life estate deeds and irrevocable trusts are effective strategies for protecting assets.
  • Planning in advance is essential to ensure eligibility for Medicaid and protect assets.



(00:00) Introduction and Personal Experience with Asset Protection Planning

(03:07) Asset Protection Case Studies

(05:26) Ways to Pay for Long-Term Care

(07:24) Medicaid and Asset Limits

(08:47) Income and Spousal Considerations

(10:23) Medicaid Spend Down

(11:27) Protecting Assets and Risks of Direct Gifting

(13:55) Irrevocable Trusts for Asset Protection

(24:28) The Five-Year Look-Back Period


Learn More and Connect with Bill Miller