Medicaid income eligibility requirements: Can I transfer income and assets to my children before going into a nursing home and still qualify for Medicaid?
When applying for Medicaid you must understand that under the 60-month look-back Rule, Medicaid coverage can be denied if assets have been transferred within 60 months prior to applying for the benefits. As described previously, if you were to gift or divest your assets to your children within 5 years of entering a nursing home and you apply for Medicaid online or off, you will be denied coverage until the money is returned. Question 2: Medicaid application: Is it too late to give away my assets and qualify for Medicaid if I am already in a nursing home?
It’s never too late to reallocate your assets. Question 3: Should I make use of a trust to protect my assets? It is much more beneficial to use an irrevocable trust instead of transferring assets to family members. Seek for the UltraTrust(TM) for superior irrevocable trust asset protection.
Question 1: How to apply for Medicaid: Are there other ways to protect my assets?
There are many ways to protect assets. Medicaid will not penalize anyone if they choose to spend their assets; however, one must be careful to avoid fraudulent conveyance. An expert can walk you through a proper estate plan that will avoid these potential problems or contact Estate Street Partners.
Question 2: How can I protect my home?
Medicaid allows for the applicant to retain a principal residence. Your home is considered exempt property. Question 6: Is it wrong to hide assets to qualify for Medicaid? When applying for Medicaid, full financial disclosure is required. Question 7: Is this information reliable?
Find out what the current requirements are for eligibility in your state and consult with an experience attorney or contact Estate Street Partners to discuss your assets. States typically offer online information and forms that you may download and print, however no states allow you to currently apply for Medicaid online. To get simple information about your state’s Medicaid application eligibility, forms, contact information, and address as well as an overview of your states plan, click here.
Question 3: Should I hire an expert?
Simply stated: absolutely. Any expert that practices elder law can help or contact Estate Street Partners.
Tags: applying for medicaid, estate street partners, financial disclosure, fraudulent conveyance, how to apply for medicaid, income eligibility requirements, irrevocable trust asset protection, medicaid application, medicaid coverage, property question
