Elder Law Answers
Can I Transfer Mom's Life Insurance to Help Her Qualify for Medicaid?
The nursing home has initiated a Medicaid application for my mother but I have not yet been contacted. Her life insurance...
Read moreWhat Can You Legally Spend Money on in Order to Qualify for Medicaid?
- July 25th, 2014
Q
My mom needs to go on Medicaid and has a substantial sum of money in her bank account. What can we legally spend this money on in order for her to still qualify for Medicaid coverage of her nursing home care?
A
You can spend the money down on anything for your mother, including paying for her care and prepaying for her funeral. You may pay off any debts she has and, if she owns a home, pay down the mortgage and pay for maintenance and repairs (but not improvements). If anyone in your family is disabled, she can make gifts to that individual or into trust for his or her sole benefit. In some states nursing home residents can transfer funds to so-called (d)(4)(C) trusts (also called "pooled trusts") for their own benefit.
These are the general rules. It’s always important to consult with a local elder law attorney to learn about how these rules are applied by your particular Medicaid agency or whether there are particular circumstances in your mother’s situation that would permit her to preserve some of her savings.
Local Elder Law Attorneys in Ashburn, VA
Meet Ron Landsman
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Ron Landsman
Ron M. Landsman, P.A.
Ron M. Landsman has been practicing elder law since 1983, before it was known as elder law, originally with Landsman and Laster, Washington, D.C., then Landsman, Eakes and Laster, also in Arlington, VA, and since 1990 in his own practice in Montgomery County, Maryland. He has been among the most active members of the...
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Meet Judith Mitnick
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Judith Mitnick
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...
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Meet Evan Farr
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Evan Farr
The Law Firm of Evan H. Farr, P.C.
In practice since 1987, Fairfax Attorney Evan Farr is widely recognized as one of the leading Elder Law, Estate Planning, and Specials Needs attorneys in Virginia and one of foremost experts in the Country in the field of Medicaid Asset Protection and related Trusts. Evan Farr has been quoted or cited as an expert by n...
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For more on spending down assets to qualify for Medicaid coverage, click here.
Last Modified: 07/25/2014
