Although their names are confusingly alike, Medicaid and Medicare are quite different programs.Read more
When a nursing home resident applies for Medicaid, the state totals the assets of both the nursing home resident and the community spouse, even if the property is in the name of the community spouse. In general, the community spouse may keep one-half of the couple's total "countable" assets up to a maximum of $123,600 (in 2018). If a Medicaid applicant transferred assets within five years of applying for Medicaid, the applicant could incur a transfer penalty, which would make the applicant ineligible for Medicaid for a period of time. However, transfers to a spouse are an exception to the transfer penalty rule. So while your stepmother’s transfer of assets to herself won’t cause a penalty period, those assets will still be considered countable assets for purposes of Medicaid eligibility. We strongly recommend contacting a Colorado elder law attorney to find out the best way to handle assets when applying for Medicaid. Here is a directory of attorneys in Colorado: http://www.elderlawanswers.com/colorado-elder-law-attorneys
For more information about Medicaid’s asset rules, go here: http://www.elderlawanswers.com/medicaids-asset-rules-12016
Local Elder Law Attorneys in Ashburn, VA
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...
John Laster is a lawyer licensed to practice in Virginia, Maryland and the District of Columbia. He limits his practice to wealth transfer planning, trusts, wills, powers of attorney, health care decision-making issues, estate administration and related tax, elder law and disability concerns. Listed in The Best Lawyers...
Medicaid Rules, etc