Some strategies for preserving assets in elder law planning include creating a trust, gifting assets to family members, purchasing long-term care insurance, and setting up a Medicaid-compliant annuity. It is important to work with an elder law attorney to determine the best strategy for your specific situation.

To minimize taxes in elder law planning, you can take advantage of tax deductions and credits available for medical expenses, consider the impact of estate taxes on your assets, and utilize strategies such as charitable giving or setting up a trust to reduce tax liability. Consulting with a tax professional or elder law attorney can help you navigate the tax implications of your estate plan.

Long-term care planning is essential in asset preservation as the costs of long-term care can quickly deplete your savings and assets. By planning ahead and considering options such as long-term care insurance or Medicaid planning, you can protect your assets and ensure that you have the necessary resources to cover your long-term care needs without jeopardizing your financial security.