Please listen to Cat and don't go with anything out there that promises to "save your assets from Medicaid." There are tons of scams where you can lose money at best, and end up with Federal legal problems at worst. See if your state has some attorney services for people with low incomes. Most do. An estate attorney is best. The Medicaid laws are quite clear and there's a look back time over the last five years. They will want records. If there are assets that pass the test, you'll find out.
As Cat says, many, if not most of us, have gone through this. I know it's hard, but it's better than trouble with the law.
Information is power. I assisted clients with their estate and Medicaid planning for 25 years, as an elder law attorney. I wanted to help more than just a few clients so I wrote a book that clearly explains all the Medicaid rules, what you can and should NOT do, the loopholes only the high-priced attorneys know, and how to find a good attorney to assist you. The book is called "How to Protect Your Family's Assets from Devastating Nursing Home Costs: Medicaid Secrets" (www.MedicaidSecrets.com) and is very highly reviewed on Amazon.com. The government will NOT give you good advice; would you go to the IRS for tax planning? Arm yourself with the rules and techniques so you avoid costly mistakes and take full advantage of the laws for your own benefit. See my interview on the John Stossel show on Fox-TV; it's fun! Thanks and good luck!!
Medicaid is for the poor! I do not want my taxes being used to fund elderly care so that the family can inherit their assets. The assets should be spend down first, then medicaid can be utilized.
don't do it. Real info is free from your local area agency on aging. Lots of times they just rehash the same info and charge you for it.....remember if they spent money to advertise and charge, it is TOO GOOD TO BE TRUE. bless you.
You don't necessarily need a lawyer. What are you trying to protect while qualifying for Medicaid? Believe it or not, the rules are fairly clear and there are volunteers who can help. without disclosing any personal info - what assets do you have, what is the situation? Seriously, we have all been there and some on this site are quite knowledgable.
She has some money in a bank account and a house. Everything is primarily in her name because she demanded it be that way, even though it's the sum total of the life work of my aunt, uncle, and father (she rarely worked). She's a hoarder, and she's hoarded everything her whole life. The way things are going, she'll probably outlive me anyway, I'm at the end of my rope.
She would have to put the money in your name. It has to be in your name for a total of five years. There is a five year look back period. If she is alone and not married. If she were to go in a nursing home, you would have to spend down all of her money, except for about $5,000, she can keep her car and her house.
If she is married, and she is putting her huband in a nursing home, you have to spend down all the money except the spouse gets to keep $90,000 to $100,000 plus their house and car.
16 Answers
Helpful Newest
First Oldest
First
As Cat says, many, if not most of us, have gone through this. I know it's hard, but it's better than trouble with the law.
Carol
ADVERTISEMENT
Lots of times they just rehash the same info and charge you for it.....remember
if they spent money to advertise and charge, it is TOO GOOD TO BE TRUE.
bless you.
be some way to protect what little assets we have.
without disclosing any personal info - what assets do you have, what is the situation? Seriously, we have all been there and some on this site are quite knowledgable.
is primarily in her name because she demanded it be that way,
even though it's the sum total of the life work of my aunt, uncle,
and father (she rarely worked). She's a hoarder, and she's hoarded
everything her whole life. The way things are going, she'll probably
outlive me anyway, I'm at the end of my rope.
If she is married, and she is putting her huband in a nursing home, you have to spend down all the money except the spouse gets to keep $90,000 to $100,000 plus their house and car.
allowable?
See All Answers