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Elder Law Office of David Wingate, LLC

Posts Tagged ‘gift and return’

I was told that I cannot protect any of my assets from the nusing home!

To qualify for Medicaid, if you are single you can retain $2,500 in assets. For couples, the spouse can keep the home, one car, and about $109,000 in assets. The best protection from long-term care costs is long-term care insurance. LTCI does not just pay for the nursing home, but for home-care services, and may help pay some or all of an assisted living facility. If you cannot get long-term care insurance due to a medical decision, age or finances, the next best protection is an Irrevocable Medicaid Trust. However, this trust must be funded for at least five years…

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‘Gift and return’ strategy saves some elder assets

When an adult child comes to my office, a frequent question “Is their anything I can do to save my mother’s assets?” The child states “I’ve been told that I have to spend all of my mother’s assets on the nursing home.” Additionally, “I cannot do anything, as my mother did not do any medicaid asset planning. Because of the five year look back period, we can’t do anything.” Unfortunately, we see these same MYTHs all the time. Mother does NOT have to spend everything to pay the nursing home. Luckily, I state that “Even if your loved one is…

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Qualifying for Medicaid using “Gift and Return”

Using the Medicaid rules, the “gift and loan” strategy is explained.

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