In recent years a number of non-lawyers have started businesses offering Medicaid planning services to seniors. While using o...Read more
Calculator for Emergency Medicaid Planning Added to Site
- December 18th, 2002
Even if a person needs long-term care quickly and has not done any previous Medicaid planning, it is still generally possible to protect about half the individual's savings through a strategy called 'half a loaf.'
The strategy works this way: Before applying for Medicaid, the prospective applicant transfers half of his or her resources, thus creating a Medicaid penalty period. The prospective applicant, who is often already in a nursing home, then uses the other half of his or her resources to pay for care while waiting out the penalty period. After the penalty period has expired, the individual can apply for Medicaid coverage. (This strategy is explained in more detail in the section on Long-Term Care Planning at left; click here.)
In many cases, however, dividing a person''s savings exactly in half may mean that he or she would actually transfer too much or too little, depending on variables like income and the nursing home''s actual costs. As a result, elder law attorneys have developed an algebraic formula for a more fine-tuned approach to determining the optimum amount a nursing home resident can transfer. ElderLawAnswers.com has created a Half-a-Loaf Calculator that uses this formula.
Bear in mind that any result must be treated as preliminary and confirmed by an elder law attorney because other factors or planning opportunities may be relevant. In addition, if a prospective nursing home resident is married and the couple''s total countable assets are under $200,000, it can be important to delay any transfer until the ill spouse moves to a nursing home. Again, it''s important to consult with an elder law attorney.
To go to the Half-a-Loaf Calculator, click here.
Local Elder Law Attorneys in Ashburn, VA
Needham Mitnick & Pollack, PLC
Judith Mtinick is well known for acting as a guardian, conservator, trustee or agent on behalf of clients or by court appointment. This experience gives her a wide perspective and extensive practical knowledge that she uses when advising clients in drafting their planning documents. Her experience, as a court appointed...
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
Hale Ball Carlson Baumgartner Murphy PLC
Attorney Samantha Simmons Fredieu is an associate at Hale Ball. Ms. Fredieu graduated magna cum laude from Vermont Law School where she was the symposium editor on the Vermont Law Review, a production editor on the Vermont Journal of Environmental Law, and a member of the Moot Court Advisory Board. She has clerked for...