The Funeral Trust IS Medicaid EXEMPT, immediately.
It may actually take as much as six months to get the application ( of Medicaid) approval, That is why your ducks must be in row when you apply. and yes; if sloppy work is done you may have a nursing home coming after you.!
What screams SCAM to me is not the fee, but the "guarantee." If it takes 2 months to qualify does that mean you don't have to pay? Since no one can guarantee what a government agency is going to do or how long it will take, I am skeptical of that claim. But consulting a professional will cost and may very well be worth it.
Medicaid is "operated' by state and federal guidelines; so each state has differing 'qualification'. For safety reasons the individual assets should not exceed $1,500 when applying. The best thing to do is to be cognizant of the 60 month look back, and therefor plan ahead regarding transfer of of property and assets. unfortunately too many people ignore that and always assume they have at least 5 years additional ,before they need to worry about planning ahead 5
Sadly I have seen too many families ignore that a life insurance policy is a Medicaid 'asset' and have as children; already contributed to parents care financially, and depend ed on that for a payback... and have the ultimate horror of realizing they must also pay the parents final expenses.Let alone not get the compensation for their financial assitance
An immediate qualifier is the Funeral Trust, which when considered /used properly will immediately qualify as Medicaid Spend down. It must be arranged before the Medicaid application., does not require funeral home involvement, and is valid anywhere. It can 'spend down" considerable sums for family members. and is Medicaid approved.
More extensive planning for Medicaid is done in advance, and involves planning, asset transfers etc, as noted regarding 5 year look back planning. If you are in metro Atlanta you may contact me if you desire.
In Fl there is a Pooled Trust which is a way to move excess income in a way that it is not considered when applying for medicaid. It might cost several thousands to set up. So don't discount the original question without considering how the atty plans to get the person eligible for Medicaid. Assets are capped, with some exclusions which vary by state. Good luck!
Thanks, Lynn. We've had two social workers from the hospital recommend dealing with Medicaid applications through elder law specialists, rather than trying to do it alone; they say there's no pro bono/legal aid/Medicaid office that is adequate to the application process. Dad has his house and 2 cars (his wife passed away in early Jan., just before illness put him in hospital for emergency surgery), but $$ thousands in credit card and medical debt from trying to look after his wife.
DO NOT DO THIS!!! Anyone who'd take this kind of money is a THIEF!!! There are NO guarantees that your parent will get on Medicaide. I'll tell you this - if your father can afford $8000 for an attorney, he won't or SHOULD NOT get medicaide. Each state is different but the usual qualifications are that the elder has LESS than $2000 in liquid assets - that's usually cash + savings + checking (including any bonds, CDs - anything that can be accessed to pay bills). A home might be disqualified from the assets if your parent has an intent to return there or if there is a surviving spouse or dependent child (even an adult child with a disability) that needs a home to live. You can easily find out if your parents might by calling your state's medicaide hot line or simply going to your local office. They will insist there is no guarantee until you complete an application and submit it - do THIS and if it's declined THEN get an attorney involved but not this $8K attorney!!! And, don't confuse medicaide with medicare - anyone over 65 is eligible for medicare - the federal program. Medicaide is STATE assistance for the elderly and indigent. Good luck
7 Answers
Helpful Newest
First Oldest
First
It may actually take as much as six months to get the application ( of Medicaid) approval, That is why your ducks must be in row when you apply. and yes; if sloppy work is done you may have a nursing home coming after you.!
So sorry you called this a scam, but moving on.
ADVERTISEMENT
The best thing to do is to be cognizant of the 60 month look back, and therefor plan ahead regarding transfer of of property and assets. unfortunately too many people ignore that and always assume they have at least 5 years additional ,before they need to worry about planning ahead 5
Sadly I have seen too many families ignore that a life insurance policy is a Medicaid 'asset' and have as children; already contributed to parents care financially, and depend ed on that for a payback... and have the ultimate horror of realizing they must also pay the parents final expenses.Let alone not get the compensation for their financial assitance
An immediate qualifier is the Funeral Trust, which when considered /used properly will immediately qualify as Medicaid Spend down. It must be arranged before the Medicaid application., does not require funeral home involvement, and is valid anywhere. It can 'spend down" considerable sums for family members. and is Medicaid approved.
More extensive planning for Medicaid is done in advance, and involves planning, asset transfers etc, as noted regarding 5 year look back planning. If you are in metro Atlanta you may contact me if you desire.