Medicaid Planning Strategies
In order to be eligible for Medicaid benefits a nursing home resident may have no more than $2,000 in "countable" assets (the figure may be somewhat higher in some states). ...
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Medicaid 101
In order to be eligible for Medicaid, you cannot have transferred assets recently. Congress does not want you to move into a nursing home on Monday, give all your money to your children on Tuesday, and qualify for Medicaid on...
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Medicaid 101
A promissory note is normally given in return for a loan. Classifying transfers as loans rather than gifts can be useful because it sometimes allows parents to "lend" assets to their children and still maintain Medicaid eligibility.
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Medicaid 101
Immediate annuities can be ideal Medicaid planning tools for spouses of nursing home residents. Careful planning is needed to make sure an annuity will work for you or your spouse. ...
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Medicaid 101
There are a number of different kinds of trusts, but they fall into two basic categories: testamentary and inter vivos. One goes into effect while you’re alive and the other only after death. Which do you need?...
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Elderlaw 101
With careful Medicaid planning, you may be able to preserve some of your estate for your children or other heirs while meeting the Medicaid asset limit. The problem with transferring assets is no longer controlling them.
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Medicaid 101
Medicaid has strict asset rules that compel many applicants to spend down their assets before qualifying for coverage. It’s important to know what you can spend your money on without endangering Medicaid eligibility.
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Medicaid 101
One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Careful planning can help ease the...
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Medicaid 101
Transferring assets to qualify for Medicaid can make you ineligible for benefits for a period of time. Before making any transfers, you need to be aware of the consequences of transfers made during a lookback period.
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Medicaid 101