Many clients are fearful if they became ill, the government will take all of their assets. If a person requires Medicaid, a form of government welfare which requires a spend down of assets and a certain monthly income level, there is some truth to the above, but with proper elder law planning the amounts which the government can “lien”, can be eliminated or greatly reduced. This is particularly true in the case of a home, typically a person’s largest asset. Transferring title to the house to an eligible individual or to an irrevocable trust can be an effective elder law strategy. Even if a person’s income exceeds Medicaid eligibility requirements, a transfer of income into a Pooled Income Trust may be an effective way to qualify for Medicaid and still have use of the excess income. We can also help our clients stay in their home by preparing and filing Medicaid applications for them. In the event that a client does need to be in a long term care facility such as a nursing home we can also prepare the Medicaid application taking in consideration what is best for the client.
You should contact us to schedule an appointment to discuss your elder law planning needs.
