When Doing it Yourself (Medicaid) Can Only Take You So Far (Part 2)
Last week I was telling you about Joe’s call. His mother, who was on Medicaid, received notice of an inheritance of $75,000. Joe wanted to figure out a way to keep that money since he and his brother had given Mom money to pay some of her medical expenses
Turning Life Insurance into Long Term Care Insurance (Part 2)
So your parent has an insurance policy that they can no longer afford and they are in spend down mode to qualify for Medicaid. Cashing in the policy and spending the proceeds is necessary before Medicaid will kick in. But last week I mentioned another option, something called a
New Jersey Finally Updates Medicaid Divisor
As most people know, in order to qualify for Medicaid, one must have no more than $2000 in countable assets. But to get under that limit you cannot simply transfer assets out of your name, or gift them. That’s because Medicaid imposes a penalty – a waiting period actually –
What to Do When You Get a Medicaid Estate Recovery Letter
Joe called us because he received a letter from Medicaid looking for money. Dad had been on Medicaid for 3 years before he passed away. New Jersey was looking to recoup benefits it paid out on Dad’s behalf to the tune of approximately $150,000. Joe received what is called
Tax Fraud or Medicaid Penalty?
Joe called me because he had just taken over Dad’s finances and the management of care from his brother, Jim. That’s when he made a discovery that troubled him and caused him to reach out to us. Dad was still living at home alone but his health was declining. Joe began
I’ve Been Named Agent Under POA – Now What Do I Do? (Part 2)
Last week we were talking about Harry and Wilma. They designated me as their agent under power of attorney, asking me to take over handling their financial affairs. They moved into a nursing home and I now had to figure out how to pay for it. Harry and Wilma were able
Medicaid is No Piece of Cake (Part 2)
Last week we were examining Mary Jane’s problem getting Medicaid for her mom. Specifically, the issue was a joint account held by mother and daughter. Into that account, Mary Jane deposited her income which she used to pay for household bills, such as utilities, real estate taxes, homeowner’s insurance etc. She
Medicaid Is No Piece of Cake (Part 1)
Mary Jane told me, “Mom has no money. She’s never had any money. But Medicaid still denied her application and now I owe the nursing home $40,000.” I knew there had to be more to her story. Sure enough, there was. It’s a very common belief that, because Mom and Dad
If I Get Denied Medicaid, Then I’ll Come to You – Part 2
We were discussing Diane’s 90 year old mother, who had just entered a nursing home from the hospital. Diane called because she was anticipating the need for Medicaid and was concerned that the assets in a trust that had been established for her benefit would be countable under New Jersey’s
“If I get denied Medicaid then I’ll come see you”
Diane’s 90 year old mother had just entered a nursing home from the hospital. She was still on Medicare but that coverage would stop in 2 weeks. Diane called because she knew she would need Medicaid. “Mom has only about $30,000 in assets”, Diane told me. “But she has a trust