Medicaid Planning

The basic Medicaid rule for nursing home residents is that they must pay all of their income, minus certain deductions, to the nursing home.

Elderlaw 101

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). ...

Elderlaw 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 (or whomever) on Tuesday, and qualify for...

Elderlaw 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.

Elderlaw 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. ...

Elderlaw 101

There are a number of different kinds of trusts, but they fall into two basic categories: testamentary and inter vivos.

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.

Elderlaw 101

One of the greatest fears of older Americans is that they may end up in a nursing home. ...

Elderlaw 101

Medicaid has strict asset rules that compel many applicants to "spend down" their assets before they can qualify for coverage. It is important to know what you can spend your money on without endangering Medicaid eligibility.

Elderlaw 101