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Medicaid Asset Planning
Most seniors headed for nursing homes -- or their spouses or children -- don't want to have to use up all of their assets to get some help paying for the high cost of nursing homes, assisted living, or home health care. But there are rules against transferring assets to others for the purpose of qualifying for Medicaid long-term care while preserving assets. Fortunately, federal and state Medicaid laws contain exceptions to the rule against making gifts within five years of applying for Medicaid for long-term care.
Transferring or Spending Down Assets
Transferring or Spending Down Assets
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How Can I Safely Transfer My Assets to Get Medicaid to Pay for Long-Term Care?
While Medicaid finances most long-term care in this country, Medicaid is supposed to be "the payer of last resort" when it comes to long-term care.
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Safe Ways to Spend Down Your Assets to Qualify for Medicaid
Many individuals who apply for Medicaid find that they have too many assets to qualify.
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Using Annuities in Medicaid Long-Term Care Planning
When one spouse has to go into a nursing home, couples can save assets from Medicaid by purchasing an annuity.
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A "Lady Bird" deed offers a simple way to transfer real estate at your death, without probate, and with potential Medicaid benefits.
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Retitling Assets When a Spouse Needs Medicaid to Pay for a Nursing Home
When a spouse faces the need for nursing home care, the couple should consider retitling assets to prepare for Medicaid eligibility. This article explores how and why assets should be retitled.
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Medicaid Planning That Won't Work: Asset Transfers That Incur a Medicare Penalty
Medicaid will pay for nursing home care only for those with limited assets and will penalize those who give away assets to qualify for Medicaid.
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What Will Happen if Medicaid Says I Transferred My Assets to Qualify for Benefits?
Medicaid can withhold eligibility for months or even years if you transferred assets within five years of applying for Medicaid coverage of long-term care.
Using Trusts for Medicaid Planning Purposes
Using Trusts for Medicaid Planning Purposes
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Using a Medicaid Special Needs Trust When You Have Too Many Assets to Qualify
Special needs trusts, which are also sometimes called special treatment trusts or special purpose trusts, are designed to hold assets that can be used for the benefit of someone who is receiving Me
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Are Revocable or Irrevocable Living Trusts Useful in Qualifying for Medicaid?
Individuals who have assets in excess of the
Resources
Resources
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Long-Term Care: How to Plan & Pay for It
Nolo's book on long-term care helps you plan ahead and get the most out of Medicare and Medicaid.
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Nolo's book covers Medicaid rules for seniors and persons with disabilities.
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