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Medicaid Planning
The facts ...
Assets in a revocable living trust are not protected and must be used to pay for the costs of long-term care.
Your home is exempt and cannot be taken when applying for Medicaid. If you transfer your home to your
children, not only can it result in immediate ineligibility for Medicaid, but it could also:
Giving your assets away means losing control. It's not safe even if you "trust" who you give it to. If that person divorces, goes bankrupt or is sued, all of the
money you transferred is at risk. There are asset protection trusts that permit you to keep 100% control of your assets without the risk of losing
them if long-term care is needed.
You do not have to wait 36 months to qualify for Medicaid. Eligibility is calculated on a case-by-case basis. It is possible to have over $500,000 in cash and qualify
immediately. Get professional advice and learn the facts. Go to www.eplawcenter.com to see when you qualify.
It is never too late to protect your assets even if you are already in a nursing home. In fact, you can qualify for Medicaid sooner if you are already in
a nursing home, than if you aren't.
A nursing home or hospital that offers to file a Medicaid application for you has no obligation (and often can't) advise you on how to protect
your assets. Only a qualified Medicaid planning attorney will be looking out for your interests.
Applying for Medicaid prior to qualification could result in being disqualified for a longer period of time than you
otherwise would have been (it's not limited to 36 months).
Make sure the attorney you hire is experienced in Medicaid planning. Would you go to your regular doctor
for a heart problem?
Consider long-term care insurance. An annual premium for a couple is usually far less expensive than one
month of nursing home care and with proper planning, it may also enable you to stay home if you become ill.
Don't let fear stop you from planning. The earlier you start, the more you can protect and the more options
you have.
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