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
Can I Give a Gift of $10,000 Per Person Without Jeopardizing Medicaid Eligibility?
A common question I get probably as much as anything about Medicaid. The answer may surprise you. Click on http://www.youtube.com/HauptmanLaw to see my answer.
Is Paying Cash a Problem When Filing a Medicaid Application?
This week I am pleased to introduce a new feature to my blog called “Elder Law in a Minute”. This is a short video in which people have an opportunity to ask some of their most pressing elder law questions, ones that may be on your mind too. We’ll mix
Mom Has $1,000,000 – She’ll Never Run Out of Money (Part 2)
Last week we were discussing Paul’s mom, 88 years old and in need of nursing home care. She has $1,000,000 in assets so first impressions suggest that she won’t ever need Medicaid. But, upon further examination, we might want to reconsider that conclusion. Here’s why. Paul’s initial statement about never qualifying,
Are You Making Gifts You Aren’t Even Aware of? (Part 2)
We were discussing Eddie’s problem last week. His Dad needs nursing home care and, at a cost of $11,000 per month, Eddie was concerned that there would not be anything left for Mom if he didn’t look to qualify for Medicaid quickly. However, the family was totally in the dark
Are You Making Gifts You aren’t Even Aware of? (Part 1)
So often, when I explain to someone how the Medicaid lookback and transfer penalty work, the response I get back is, “Don’t worry. My parents haven’t made any gifts. We don’t have anything to worry about.” But, the term “gift” is such a subjective one. It can mean different things
Are You Walking into the Medicaid Office Blindfolded?
Here’s the scenario. Mary calls because Dad’s money is going to run out in a few months. She is anticipating the need for Medicaid but wants to get the jump on things by applying now because she heard it can take several months to qualify. My answer is that you
How to Avoid Committing Medicaid Fraud
When it comes to long term care planning, the earlier the better. One of the primary reasons is the Medicaid 5 year look back. Medicaid will look back through 5 years of your financial records to determine if you have done anything with your money that would cause you to
Can I Make Gifts this Holiday Season? (Part 2)
Last week we were talking about gift giving. Most people assume an elderly family member can make gifts without any tax consequences as long as it doesn’t exceed $13,000 per person per year. That’s true. However, it may very well cause a problem if you run out of money and
The Money Wasn’t a Gift – It Was a Transfer to a Caregiver (Part 2)
We were discussing Jim’s dilemma with Medicaid last week. The State discovered additional assets that his grandmother owned, which were not disclosed by Jim’s dad when he filed the Medicaid application a year ago. They are now seeking $50,000 back. Jim believes the money was legitimately Dad’s but he probably