Medicaid transfer rules are something the average family should be concerned with! The facts are, as we live longer, more than half will spend time in a nursing facility. As a general rule, when assets are transferred to others for less than fair market value, this transfer will result in a period of Medicaid ineligibility. Here are four instances where transferring the family home or principle residence for less than fair market value may be permissible and not result in Medicaid ineligibility or penalty. First, the principle residence can be transferred to the spouse who is not in…
If you are providing care for your aging parent, and they are paying for your services, beware of the consequences. Medicaid, my treat the transfer of funds, from your parent to you, as a gift. Therefore, if your parents apply for Medicaid, to pay for the nursing home, they may be denied due to gifting. To prevent Medicaid from treating payments to family members as a gift, there must be a written, contract between the parties. This “care contract” must be in place before the work is performed and must specify the services and amount to be paid. The…
Most seniors would prefer to remain in their homes, which is usually also their largest asset. However, since many people are living far beyond the life expectancy for which they planned (or did not plan in some instances), remaining in the home is becoming a financial burden, especially for elderly widows. A reverse mortgage is sometimes a way for a senior to stay in his or her home, tapping into the value of the real estate to give the homeowner the ability to pay the real estate taxes, make necessary repairs, pay off debt, or pay for long term…
When you come to our office for the initial consultation, our promise is to make it as comforting as possible. When you leave our office feeling relieved and you have a guide to lead them through the long-term care legal maze. In helping clients navigate the long-term care legal maze we’ve set up a three-step process. The Peace of Mind Meeting At the first meeting, we will welcome you to our firm. Consider this a “get to know you meeting.” At this meeting it is our goal to make you feel comfortable and help you understand the long-term care maze that…
Our Nursing Home Guide will provide you direction if you or a loved one is facing the decision of looking at nursing homes or Medicaid in Maryland. Keep peace of mind with the information you need to insure your future security. Having a chronic, long-term debilitating illness such as Alzheimer’s Disease, Multiple Sclerosis, Parkinson’s Disease, Stroke or Arthritis can be extremely frightening and can create a great deal of uncertainty and insecurity for both the patient and his or her loved ones. The fear associated with the loss of control over the mind and/or the body coupled with fears of financial ruin can result…
Family members often experience a feeling of accomplishment when they sign their special needs trusts (SNTs), but signing trust documents is really only the first step in reaching the ultimate goal. The SNT is just a piece of paper if the clients and their team of advisers (often a lawyer, financial adviser, and accountant) have not planned how to fund the trust. Funding the Trust-Common Alternatives Some families have sufficient assets to fund their SNT by directing their assets into the trust through their estate plans. However, even these families may be concerned about future financial setbacks or long-term illnesses…
Your parents are living into their 90’s. Their savings have been depleted on the cost of care. Consequently, the only assets are their income, maybe a pension and Social Security. However, they still are at home, and need help with cooking, shopping and bathing. You receive a phone call, “I just don’t have enough to pay the caregiver next month.” What will you do? The savings are exhausted. Federal, State and Local Government programs have been cut. Medicare and Medicaid will not pay for the caregiver. Consequently, they may not get any help at all, unless they are in a…
From a recent Forbes article, a Pennsylvania state appeals court ruled that the adult son of a nursing home resident is responsible for her unpaid $93,000 bill. Pennsylvania is one of 30 states that have filial responsibility statutes—laws that impose a duty on adult children to care for their indigent parents. About two-thirds of those states, including Pennsylvania, allow long-term care providers to sue family members to recover unpaid costs. The rest, including states such as Massachusetts, have no recovery provisions. However, failing to care for a parent is a criminal offense. The rules vary widely from state to state….
Americans are living longer, so debilitating diseases such as Parkinson’s and Alzheimer’s are rising, making long-term care vital. Long-term care insurance offered those facing retirement a new option to offset the cost of assistance that many require later in life. From daily tasks such as cooking and cleaning to the all-encompassing care provided in nursing homes or assisted-living facilities, long-term care insurance covers many of the expenses that health insurance, Medicare or Medicaid generally don’t. According to the Centers for Medicare and Medicaid Services, about 60 percent of individuals over age 65 will require at least some type of long-term…
The Supreme Court’s decision to uphold the Affordable Care Act (ACA) in its entirety is a huge victory for seniors. Improvements that advance the health and well‐being of older adults, like strengthening Medicare, improving community long‐term services and supports, and providing additional elder abuse and nursing home transparency protections, will continue to help the lives of seniors. Consequently, seniors health care will continue to be protected and improved under this law. Long before this Supreme Court decision, through the Affordable Care Act, seniors began to see positive changes in their prescription drug costs, access to preventive health care, and more….
Frederick, MD 
301-663-9230
