How is Co-Ownership Treated by Medicaid?
Joe was confused. He told me his mom had added his name as co-owner on her bank account more than 5 years ago, after he spoke with his friend, John who explained that by adding his name to the deed to his mother’s home, he had protected the home when
Long Term Care Planning – Should I Wait and See? Part 2
Kelly had originally called us 7 years ago. Her dad had recently fallen in his home and Kelly recognized the need for someone to come into his home to help him. At that time she felt that only a few hours a day was all that was necessary and once
How We Saved Brenda $30,000 and Got Her Granddad Medicaid (Part 2)
Last week we were talking about Brenda, who tried to apply for Medicaid for her grandfather, but ran into a snag. She provided the New Jersey Medicaid caseworker with 5 years of financial records and was told that Granddad still had to spend down another $30,000 from accounts that Brenda
New Jersey’s Medicaid Penalty and Look Back – Not the Same Thing
Assets must be spent down to necessary limits before New Jersey Medicaid eligibility is achieved. That means that assets have to be spent for product or service of equal value. New Jersey will not take the applicant’s word for it. They require 5 years of financial records as part of
Is There Any Gift Small Enough That Won’t Cause a Medicaid Penalty?
Whenever I explain how the Medicaid application process works, the toughest part is communicating to clients the uncertainty that exists because of the way the program is administered. And that can change at a moment’s notice so beware of what or who you rely on. Whenever I hear someone tell
Why the Nursing Home Shouldn’t File Your Medicaid Application (Part 1)
Barry called me concerning his dad who is in a nursing facility. He had spent down Dad’s remaining funds. He paid the nursing home and set up a prepaid irrevocable burial trust as permitted by Medicaid. The facility said they would file the Medicaid application so Barry gave them all
How Getting the Right Advice Can Save You $500,000
A recent client of ours presented the following very common fact pattern. Jack and Diane are in their early 60’s. Diane was diagnosed in her 50’s with early onset Alzheimer’s Disease and now needs nursing home care. The couple have a primary home, a small vacation home at the Jersey