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Q&A: Medicaid Planning

 

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Q:

Can I Create a Special Needs Trust in My Will to Benefit My Husband?

I am age 74. Can I create a special needs trust in my will to benefit my husband if he ever needs Medicaid assistance to pay for long-term care? If I do create such a trust, what happens to the funds during his lifetime if he never needs care or never needs financial assistance? Can the trustee distribute the trust funds to him before he decides to apply for Medicaid?

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tags: Medicaid Planning
Q:

Will a Prenuptial Agreement Protect a Spouse's Assets From Medicaid?

I am a senior contemplating marriage. We will have a prenuptial agreement shielding “Separate Property Assets” from access by the other spouse. My question is, in New York State, if one of the spouses is in a nursing home and must use Medicaid to pay expenses, can Medicaid invade the healthy spouse’s “Separate Property Assets”? Will the prenuptial agreement protect the healthy spouse's "Separate Property Assets" from Medicaid invasion to pay the other spouse’s nursing home expenses?

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tags: Medicaid Planning
Q:

Will My Mom Still Get a Penalty Period If I'm Using the Transferred Money to Pay Her Expenses?

My mother sold her home a year ago and moved into an independent living apartment. She had early stage dementia. The money from the sale of her home was put in a checking account in my name with my brothers as beneficiaries. I have been paying my mother's rent from this account. Did I make a mistake by putting the house money in an account in my name, even though I intend to use it for my mother's care? I was concerned with her poor judgment in managing her money and thought this would assure its protection. When my mom goes into assisted living, I intend to pay for her care with this money until it is gone and then apply for Medicaid. Will my mom incur a penalty period, even though all this money has been, and will be, used to pay for her care?

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tags: Medicaid Planning
Q:

What Should I Expect When I Hire An Elder Law Attorney?

I am considering engaging an elder law attorney to help with the Medicaid eligibility review, processing, and protection planning for my mother who needs to go to a nursing home. I want to make sure I choose the right attorney for this task since the costs for these legal services can be high. When hiring an elder law attorney, what should we expect for this service and what should we expect to gain in return?

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tags: Medicaid Planning
Q:

Can I Transfer a House with a Medicaid Claim on It into a Trust?

I am 58 and retired. If Medicaid has a claim on my property now, is it too late to place my property in an irrevocable trust so that any medical bills after the five-year look-back period cannot be charged to the property? If the property is in an irrevocable trust, it can be sold and the money stays in the trust. Can I direct the trustee to use that money to buy another house?

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tags: Medicaid Planning
Q:

Is a Medicaid Asset Protection Trust Portable if We Move to a Different State?

If we get a Medicaid asset protection trust in one state, what would happen if we moved to a different state? Is this kind of trust portable from one state to another?

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tags: Medicaid Planning
Q:

Would an Interest-Only Loan Count as a Gift for Medicaid Eligibility Purposes?

I am 66 years old and I live in Florida. I am considering loaning my niece, who is also one of my beneficiaries, $30,000. I would prefer to gift her this amount (using the $28,000 husband/wife gift tax exclusion), but I am worried about Medicaid's look-back period of five years. If I set this loan up as an interest-only loan and stipulate that the loan is forgiven upon my death, would this count as a gift for Medicaid purposes?

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tags: Medicaid Planning
Q:

Will Medicaid Count Assets That Are in an LLC?

All of my father's assets are in a trust. If he transfers the assets from the trust to a limited liability company (LLC) and waits five years to apply for Medicaid, will Medicaid count the funds in the LLC as an available asset and require him to spend down the funds?

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tags: Medicaid Planning

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