Some of these articles have been written by our law firm and other articles are written by the American Academy of Estate Planning Attorneys and compliments of our law firm. Any feedback or questions about the articles can be addressed by contacting our office.
Nursing homes have historically resisted the concept of Medicaid planning based on the assumption that patients who engaged in Medicaid planning were trying to avoid paying their bills. In recent years, many nursing homes have started to rethink that position as they realize that Medicaid planning is often in their best interest as well as the patient’s.
Although purchasing a pre-paid funeral and burial plan may be a good estate planning decision, it may not provide the Medicaid “spend-down” benefits many applicants think it will. Understanding when a funeral plan is exempt, and when it is not, is crucial for a senior who is trying to “spend-down” for purposes of Medicaid eligibility.
Amy and David both need nursing home care as well as Medicaid’s help paying for that care; however, they have assets that exceed the program limit. The couple also wants to continue to provide financial assistance to their disabled adult son. However, they are concerned that the Medicaid asset transfer rules will prohibit them from doing so. The good news is they can continue to provide for their son and qualify for Medicaid immediately.
Like many people, you may not have given much thought to the possibility that you will need to qualify for Medicaid later in life. More importantly, you may not realize that the retirement nest egg you have worked so hard to establish over the course of your lifetime could be at risk if you do ultimately need to qualify for Medicaid benefits
Family members, friends, and neighbors devote countless hours to providing care to their relatives or loved ones. During National Family Caregivers Month, we recognize and thank the humble heroes who do so much to keep our families and communities strong.
Qualifying for Medicaid to help cover nursing home expenses means losing your nest egg, right? Wrong. You might actually be able to keep your nest egg and get help covering the high cost of long-term care using the Medicaid Spousal Impoverishment rules.
Here are just a few of the common misconceptions surrounding gifting and Medicaid eligibility… I can just give away my assets and tell Medicaid I don’t have any. My spouse will end up without anything if I need Medicaid to help pay for my nursing home care! I waited too long and now Medicaid planning can’t help me
Will you be forced to sell your home in order to qualify for Medicaid? Will the state take your home when you die if you get help from Medicaid while you are alive? Medicaid planning can help you avoid both of these unfortunate outcomes.
Are you torn between passing down assets to your children and caring for your spouse in a nursing home? Are you worried about how to continue to provide care for your spouse after you are gone without jeopardizing your spouse’s Medicaid eligibility? The good news is that it is possible to provide continued care to your spouse after you are gone, pass down assets to your children, and not jeopardize your spouse’s eligibility for Medicaid.