Medicaid Asset Protection
(Even if you think you have “too many” assets)
Medicaid asset protection is a tool that protects not only the estate
of the Medicaid applicant, but also the prosperity of the community spouse.
However, let’s say you are a senior with appreciable assets. Due to medical reasons, it will soon be time to move into an assisted living facility or a nursing home. But because of your assets – your home, your car, your income or investments - you cannot possibly qualify for Medicaid. Right?
Wrong. Even if you have significant assets, you can qualify for Medicaid benefits to pay nursing home costs. In fact, your estate is even more reason to engage in Medicaid planning.
Struggling with long-term care expenses - while trying not to lose your life savings and investments - is the biggest challenge facing seniors and their families. When the time comes that you need assisted living or long-term care, it’s hard not to imagine your assets disappearing within months.
Even if you planned for your retirement, one catastrophic injury could wipe
out your hard-earned life savings.
Medicaid Asset Protection Planning
To qualify for Medicaid, you must “pass” certain strict tests regarding your income and assets. There are legal ways to adjust your estate that will enable you to meet these conditions and qualify for Medicaid benefits.
This is the heart of Medicaid planning – employing legal, ethical strategies with your estate (and not resorting to “Medicaid spend-down”) that will in turn significantly help cover the staggering costs of a nursing home.
Medicaid asset protection strategies include, for seniors who are both single and married:
- The Personal Services Contract
- A Special Needs Pooled Trust
- Medicaid Qualifying Annuities
- Purchase of Income Producing Property
- Purchase of a Homestead
- Gifting
- Purchase of Other Exempt Assets
- Repairs to the Homestead
- Payment of Debts and Expenses
In addition, married seniors can use a few more estate planning opportunities to protect their wealth. This is because when a married person applies for Medicaid, the income test applies only to the spouse who is applying for Medicaid benefits. These strategies include:
- Medicaid Qualifying Annuity
- Spousal Refusal (assignment of rights to support)
Plan Ahead for Nursing Home Asset Protection
Planning for Medicaid asset protection is no different than planning your estate to avoid estate taxes.
Protect your assets from nursing home costs using legal strategies. We can help you reposition your assets to preserve your property and investments for future generations.
There is no “hiding” of assets or slight of hand. We provide full disclosure of all transactions to the relevant Medicaid agencies.
Put a Medicaid asset protection plan in place for your loved one who needs assisted living or nursing home care.
Contact us anytime, day or night, or call our office as (727) 260-2581. We will set up a free, no-obligation consultation at your earliest convenience.
Residents in Largo and throughout the Tampa Bay area who want information about nursing home asset protection have a valuable resource in Florida estate planning attorney John R. Frazier.
