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
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
Hale Ball Carlson Baumgartner Murphy PLC
Loretta Morris Williams is a certified elder law attorney by the National Elder Law Foundation. Ms. Williams was admitted to the Council of Advanced Practitioners, National Academy of Elder Law Attorneys (NAELA) in 2012. She serves as President of the Virginia Academy of Elder Law Attorneys. Ms. Willia...
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...