The “Greatest Generation” is dying broke due to long-term care costs. At Safe Harbor Wills and Trusts, we understand that older Americans have special legal needs and concerns. We also understand the importance of being able to rely upon professional when you are dealing with the assets you have accumulated over a lifetime. Every day we help families protect and preserve their assets so that they are not lost to Nursing Home care.
Medicaid Planning and RulesMedicaid is a Federal benefit program, not unlike Social Security and Medicare. In fact, the money to fund Medicaid came out of the same money with which you funded Social Security and Medicare. Medicaid planning is the process of legally and properly protecting your assets so that you may qualify to have Medicaid pay for either skilled in-home care or long-term skilled nursing care, should those needs arise. There are many different rules to qualifying for Medicaid. Now, more than ever, money-strapped governmental agencies are making it more and more difficult to meet the requirements set down by the Federal Medicaid law. Some of the Medicaid rules and issues of which you should be aware are if you want to apply for Medicaid: If you are married, and one spouse resides in the home, your home is an exempt asset (up to $786,000.00 in equity) and cannot be taken when applying for Medicaid…But what happens if the at home spouse dies first? If you are single or widowed, your home is not exempt, and it can be lost to Medicaid. If you want to save your house and you transfer it your children, not only will it result in immediate ineligibility for Medicaid, but it could also:
- Trigger a gift tax,
- Result in the loss of your STAR tax exemption, and,
- Result in your child’s spouse (the in-laws) inheriting your home when your child dies.
Medicaid MythsForget what you think you may know! Medicaid is a complicated program to navigate without all of the facts… DID YOU KNOW:
- It doesn’t take five (5) years to qualify for Medicaid
- It’s never too late to qualify for Medicaid.
- You can give away money and still get Medicaid, but only if it is done correctly.
- You don’t have to spend all of you money before you can qualify for Medicaid.
- You do not have to wait 60 months to qualify for Medicaid.
- A knowledgable attorney can save you tens of thousands of dollars in Nursing Home costs.
If you are in a nursing home or going into a nursing home, do not apply for Medicaid until you have spoken to an attorney! This simple mistake could cost you tens of thousands of dollars! Please call our office for immediate help, 315-203-1742.