Many people don’t realize how expensive nursing home care can be until they are confronted with having to place an elderly loved one into a long-term care facility. Families may find themselves in the position of having to sell off a lifetime’s worth of assets in order to cover the costs. However, it is possible to plan for the future so that you or a loved one will find himself or herself eligible for Medicaid assistance if nursing home care becomes necessary.
At the law firm of Lyons & Supple, our attorneys have been helping people with estate planning and related matters for more than 30 years. To learn more about Medicaid planning, call us at 866-587-0982.
Asset Transfer And Medicaid Eligibility
Medicaid is designed to help cover nursing home costs and other care-related costs for individuals who are unable to pay. However, the income eligibility threshold is notoriously low. In order to meet the necessary Medicaid qualifications, it is possible to either transfer or give away assets, without selling off everything in order to pay for care. This enables you to protect at least some of your assets in order to pass them on to the next generation.
Advanced Planning Is Essential
One cannot simply transfer the majority of his or her assets at the moment that long-term care becomes a reality. The government will look back at any asset transfers made within the last five years and undo any transfers that it suspects were made for the sole purpose of receiving Medicaid assistance. This is why planning well in advance is essential. Our lawyers can walk you through this process and help explore other options designed to protect your estate into the future.