Protect Assets from Nursing Home: Medicaid Eligibility & Application
Protection of assets from nursing home &
Medicaid income eligibility and application process
Protect Your Assets from a Nursing Home FAQ 2-Medicaid Income Eligibility & Application Process
There are some important questions to consider when there is a chance that you will be in a nursing home in the years to come. You want to make sure your assets are protected completely.
7: Medicaid income eligibility requirements: Can I transfer income and assets to my children before going into a nursing home and still qualify for Medicaid?
This is likely not possible. When applying for Medicaid you must understand that under the 60-month look-back Rule, Medicaid coverage can be denied if assets have been transferred within 60 months prior to applying for the benefits. As described previously, if you were to gift or divest your assets to your children within 5 years of entering a nursing home and you apply for Medicaid online or off, you will be denied coverage until the money is returned. The real problem comes in when the children spend the money and do not have it to give back in a situation like this one.
8: Medicaid application: Is it too late to give away my assets and qualify for Medicaid if I am already in a nursing home?
It's never too late to reallocate your assets. It is possible to give away all assets and then in 5 years become eligible for Medicaid.
9: Should I make use of a trust to protect my assets?
It is much more beneficial to use an irrevocable trust instead of transferring assets to family members. Seek for the UltraTrust™ for superior irrevocable trust asset protection.
10: How to apply for Medicaid: Are there other ways to protect my assets?
There are many ways to protect assets. Medicaid will not penalize anyone if they choose to spend their assets; however, one must be careful to avoid fraudulent conveyance. Fraudulent conveyance is the act of divesting your assets for less than a fair market value consideration or payment. An expert can walk you through a proper estate plan that will avoid these potential problems or contact Estate Street Partners.
11: How can I protect my home?
Medicaid allows for the applicant to retain a principal residence. Your home is considered exempt property. However, unless there is a surviving spouse, Medicaid will be reimbursed if the home is sold after your death by a lien being put on the home. This is where it is advised to sell or transfer to an irrevocable trust such as the UltraTrust™
12: Is it wrong to hide assets to qualify for Medicaid?
When applying for Medicaid, full financial disclosure is required. It is best to consult with an elder law expert before making any decisions or contact Estate Street Partners.
13: Is this information reliable?
These are just a few questions that are commonly asked. When applying for Medicaid, it is always best to do the research. Find out what the current requirements are for eligibility in your state and consult with an experience attorney or contact Estate Street Partners to discuss your assets. States typically offer online information and forms that you may download and print, however no states allow you to currently apply for Medicaid online.
14: Should I hire an expert?
Simply stated: absolutely. This is the best way to make sure laws are being followed and your assets are protected.
15: How do I find an expert?
Any expert that practices elder law can help or contact Estate Street Partners. Make sure the expert is experienced and has a good rapport. You want to make sure you trust the right person with your assets.