If you need to speak with a Lawyer today, please call 315-203-1742
"The Asset Protection Law Firm"
John M. Murphy, Jr., Esq.
Medicaid planning is the process of legally and properly protecting your assets so that you may qualify to have Medicaid pay for your long-term skilled nursing care. 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 Federal law. Some of the rules and issues of which you should be aware are: If you are married, your home is exempt and cannot be taken when applying for Medicaid.
Medicaid rules and planning.
We understand that older Americans have special legal needs and concerns. We also know the importance of trust when dealing with precious assets accumulated over a lifetime. We have helped hundreds of families with Medicaid eligibility issues as well as protecting their assets in the event they need nursing home care.
If you are single or widowed, your home is exempt up to $750,000. If you improperly transfer your home to your children, not only will it result in immediate ineligibility for Medicaid, but it could also:
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Trigger a gift tax,
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Result in the loss of your STAR tax exemption, and,
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Result in your child’s spouse (the in-laws) inheriting your home.
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Giving your assets away means losing control. It’s not safe even if you “trust” whom you give it to. If that person divorces, goes bankrupt or is sued, all of the money and property that you transferred are at risk. There are asset protection trusts that permit you to keep 100% control of your assets without the risk of losing them if long-term care is needed. You do not have to wait 60 months to qualify for Medicaid.
Medicaid
Eligibility is calculated on a case-by-case basis. It is possible to have over $250,000 in cash and qualify immediately. Get professional advice and learn the facts. Schedule your initial meeting today to see how quickly you can qualify for Medicaid and how much money you can save for your loved ones. It is never too late to protect your assets even if you are already in a nursing home. In fact, you can qualify for Medicaid sooner if you are already in a nursing home, than if you aren’t. A nursing home or hospital that offers to file a Medicaid application for you has no obligation (and often can’t) advise you on how to protect your assets. Only a qualified Medicaid planning attorney will be looking out for your interests. Applying for Medicaid prior to qualification could result in being disqualified for a longer period of time than you otherwise would have been (it’s not limited to 36 months or 60 months, but is based upon the money given away). Make sure the attorney you hire is trained and experienced in Medicaid planning. Would you go to your family doctor for a heart problem?