“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
Is Hiding Assets in Mom’s Name a Good Idea? (Part 2)
Last week we talking about Jennifer’s problem, which she didn’t realize was a problem until she spoke with us. She had been hiding her assets in her mother’s name to keep them out of the reach of her husband, who she was thinking she might divorce. I told her that
Is Hiding Assets in Mom’s Name a Good Idea?
Jennifer told me that her mom’s health had been deteriorating over the past few years and that she would probably need home care soon, with nursing home level care a definite possibility in a few years, if not earlier. She then told me that her marriage was “on the rocks”
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
What Happens When the Healthy Spouse Dies Before the Medicaid Spouse? ( Part 1)
Joe and Mary had been married for 20 years, a second marriage for both. They each had children from a previous marriage. As they both aged and needed more care their respective children stepped in. When Joe eventually needed nursing home care his daughter, Judy, handled his finances while Mary’s
How Does a Life Estate Affect New Jersey Medicaid?
For New Jersey Medicaid purposes, a transaction involving a life estate is considered a transfer of assets, but only insofar as the remainder interest is concerned. A Medicaid penalty is assessed on the part that was transferred. If Mom transfers her home to her children but keeps the life estate
. How Does New Jersey Medicaid Treat the Home?
The home is very often the biggest single asset our clients own and in some cases the only asset. Many of the Medicaid rules apply specifically to the home that don’t apply to any other asset so it is a focal point of our guidance as elder law attorneys. Additionally,
What Transfers Does New Jersey Consider to Be Exempt from Medicaid Transfer Rules? (Part 2)
We talked about the transfers of the home that are exempt from New Jersey's Medicaid penalty but what about assets other than the home? The following transfers are also exempt: 1.           Assets transferred to the spouse or for the benefit of the spouse as long as the spouse didn’t then transfer
What Transfers Does New Jersey Consider to Be Exempt from Medicaid Transfer Penalty Rules? (Part 1)
Not all transfers are subject to a transfer penalty. The home in many ways gets special status, including when it comes to transfer rules. The following transfer of the applicant’s home is exempt if made to: 1.           The Medicaid applicant’s spouse 2.           A child of the Medicaid applicant under age 21 or
Will New Jersey Medicaid Reduce a Penalty if Assets are Returned?
So, a penalty has been imposed by Medicaid. Now what do you do? Can you return the assets? How about returning some but not all of the assets? On May 26, 2010, New Jersey issued a Medicaid Communication providing that in order to reduce the penalty period, all transfers for