“As an estate planning law firm, we often encounter questions about property ownership and its impact on Medicaid eligibility. This is particularly crucial for married couples where one spouse may need long-term care. Today, we'll explore the implications of owning a home as Tenants in Common when one spouse is on Medicaid, and how this affects asset protection and eligibility for long-term care benefits.”

In conclusion, relying solely on Social Security as a retirement plan may not be the most prudent choice. The program was never designed to be the primary source of retirement income, and its future sustainability remains uncertain. By understanding the limitations of Social Security and exploring alternative retirement plans, individuals can take control of their financial future and ensure a secure retirement. Building a diversified retirement portfolio, investing in retirement accounts, creating passive income streams, and seeking professional financial advice are all strategies that can help reduce reliance on Social Security and Medicaid benefits.

“Overall, 67% of Americans have not engaged in estate planning. Estate planning is a legal agreement that allows an individual to decide who they choose to be responsible for their assets and healthcare in the event of their demise or incapacity.

In this article, we’ll discuss why estate planning is important and the reasons why most people fail to create an estate plan.”