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Q&A: Medicaid Planning

 

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Q:

What Should I Expect When I Hire An Elder Law Attorney?

I am considering engaging an elder law attorney to help with the Medicaid eligibility review, processing, and protection planning for my mother who needs to go to a nursing home. I want to make sure I choose the right attorney for this task since the costs for these legal services can be high. When hiring an elder law attorney, what should we expect for this service and what should we expect to gain in return?

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tags: Medicaid Planning
Q:

Can I Transfer a House with a Medicaid Claim on It into a Trust?

I am 58 and retired. If Medicaid has a claim on my property now, is it too late to place my property in an irrevocable trust so that any medical bills after the five-year look-back period cannot be charged to the property? If the property is in an irrevocable trust, it can be sold and the money stays in the trust. Can I direct the trustee to use that money to buy another house?

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tags: Medicaid Planning
Q:

Is a Medicaid Asset Protection Trust Portable if We Move to a Different State?

If we get a Medicaid asset protection trust in one state, what would happen if we moved to a different state? Is this kind of trust portable from one state to another?

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tags: Medicaid Planning
Q:

Would an Interest-Only Loan Count as a Gift for Medicaid Eligibility Purposes?

I am 66 years old and I live in Florida. I am considering loaning my niece, who is also one of my beneficiaries, $30,000. I would prefer to gift her this amount (using the $28,000 husband/wife gift tax exclusion), but I am worried about Medicaid's look-back period of five years. If I set this loan up as an interest-only loan and stipulate that the loan is forgiven upon my death, would this count as a gift for Medicaid purposes?

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tags: Medicaid Planning
Q:

Will Medicaid Count Assets That Are in an LLC?

All of my father's assets are in a trust. If he transfers the assets from the trust to a limited liability company (LLC) and waits five years to apply for Medicaid, will Medicaid count the funds in the LLC as an available asset and require him to spend down the funds?

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tags: Medicaid Planning
Q:

Can a Medicaid Applicant Pay Off a Jointly Held Mortgage As a Spend Down?

I purchased a home with my father. We both live in the home and are both on the mortgage. Is my father allowed to pay off the mortgage as a way to spend down his assets to the point that he can qualify for Medicaid’s long-term care coverage?

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tags: Medicaid Planning
Q:

How Do I Ensure My House Goes to My Sister Without Transferring It to Her While I Still Live in It?

I'm 53, disabled, and own a home. My sister, who is my heir, is worried that if I need to go into a nursing home, the state will take the house from her. I still owe her money, which she and her husband loaned me to purchase and rehabilitate the house. The plan was that either I would refinance the home and cash out enough to pay her back or she would sell the house after I passed to recoup the loan from my estate. What do I need to do to guarantee that she will be able to keep the house if I need to go into a nursing home? My health is stable right now, and I don't think that will be anytime soon. She says we have to change ownership of the house at least five years in advance to keep it from being taken. My home is my security. I don't want anyone else to own it while I live there. What can I do?

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tags: Medicaid Planning
Q:

Can I Buy My Mother's House and Then Rent It to Her Without Affecting Her Medicaid Eligibility?

My 78-year-old mother wanted to gift her house to me, but I turned her down for Medicaid and tax reasons. She is maxed out on a reverse mortgage, but there is untapped equity of around $50,000. She doesn't want the house to go to the bank or to a Medicaid lien. She still lives in the house and cares for herself, but her health is deteriorating. Is it practical for me to buy the house at fair market value and rent it back to her? The net proceeds would cover a fair market value lease for maybe six years. Her goal is to keep the house in the family, and spend down her assets. Whatever we do, I want an arm's-length transaction for her sake and mine. Any feedback will be appreciated.

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tags: Medicaid Planning

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