The Top Eight Myths
People Think About
Medicaid Qualification
1. You have to give all your assets
away or wait until you are impoverished in order to qualify
for Medicaid.
There are many strategies that can be used to
legally restructure your assets so you don't have to "throw
away" your life savings, and you can still qualify for
Medicaid. Our experienced Medicaid planning attorneys can
help you choose the right strategies for your family's
situation.
 2. Once you are in a nursing home
it is too late to start Medicaid Planning.
It's never too late or too early to begin
Medicaid Planning. If the situation was prompted too quickly
to plan prior to admittance to a nursing home, assets can
still be protected. There are strategies that we can use to
help you qualify for Medicaid in a short timeframe. McHugh & Macri have worked on many such cases and can help you if
this is your situation.
3. If you put all your money in
your spouse's name, then you will be eligible for Medicaid.
Collective assets are counted in determining financial
eligibility. However, there are strategies that can be used
for married couples to allow you to qualify almost
immediately.
4. If you give your assets away,
you won't be eligible for Medicaid for three years.
Although Medicaid may look back at gifts made within three
(3) years, not all gifts will create a disqualifying/penalty
period. We can create a plan that advises you of the
specific way and timing needed to make gifts so that you don't incur any disqualification
or penalty period.
5. If your assets are owned by a
living trust, they are protected from nursing homes.
All assets are vulnerable to nursing homes costs and are
counted when determining financial eligibility. However,
there are other types of trusts that can be used to protect
assets.
6. You can hide your assets to
become eligible for Medicaid benefits.
Intentional misrepresentation of assets is a crime. There
are many planning strategies that are available to legally
restructure your assets and shelter them from long-term care
costs. If you employ proper planning strategies, it won't
be necessary to hide assets.
7. The rules that applied to your
friend will also apply to you.
Medicaid rules are complicated and very elusive, and each
situation is unique. You shouldn't take any action before
you've met with one of our experienced Medicaid planning
attorneys.
8. You don't need an attorney to
help with Medicaid Planning if a social worker at the
nursing home is assisting you.
Social workers are a wonderful resource to assist people in
simple situations. However, if you need to shelter assets to
care for the spouse that is living in the community or to
pass to other family members, then it's best to consult with
an experienced Medicaid planning attorney.
Our practice is
built on our consideration and perseverance to use
strategies that are best suited for each family's unique
needs. |
