Each year I have to tell too many people of middle class means that the money they have worked hard for and saved for their children will have to be spent down on institutionalized care. It is my goal in 2011 to get the word out to anyone and everyone that it is possible to plan ahead for institutionalized care, but it must be done early. Institutionalized Medicaid looks back 5 years for gifts given, and penalizes the applicant for any gift given in that period.
I encourage everyone to plan ahead for possible long term care options, and to do it early. Ask your attorney about it when you make your life or estate plans. This will allow people to have options open to them should institutionalized care become necessary.