When is a gift not a gift?
As a planner, I sometimes hear things like: “I thought I could give my kids $10,000” “I’ll just sell my house to my children for $1” “Can I pay my grandson’s college tuition and not have to worry about Medicaid?…
Can I Revoke My Irrevocable Trust?
When it comes to protecting your assets from the costs of a long-term illness, such as a nursing home, the Medicaid Asset Protection Trust is a staple planning technique. It is an effective way to protect your home (and other…
Medicaid Planning and Asset Preservation
John Smith, who has dementia, need nursing home care at $160,000 per year. His two children, Chris and Danielle, have no access to his bank checking account and his other assets because there is no Durable power of attorney in…
Navigating Medicaid Homestead Exemptions
A homestead is defined by Medicaid as the primary residence occupied by the applicant, the applicant's spouse, or the applicant's minor, disabled or blind child. A homestead is exempt for purposes of Medicaid eligibility under certain circumstances. The law limits…
Am I Eligible for Community Medicaid ?
OK, you have done your Google search. You read about Community Medicaid but you don’t believe that your loved one qualifies because they have too much money in the bank, their income is too high, or both. In order to…
Protecting Your Home: The Risks of Gifting to Your Children
Due to strict Medicaid eligibility rules, you may be nervous about losing your home should you need to enter a nursing home and apply for Medicaid. Without guidance, many have the idea to transfer their home to their children. However,…
Amendment to the Minimum Wage Order for Home Care Aides Who Work a Shift of 24 Hours
Back in September, the home care industry’s business model was challenged. Historically, home care agencies paid live-in home care aides as follows – 13 (of 24) hours for work 8 hours for sleep (5 which are uninterrupted), and 3 uninterrupted…
Exception to the Medicaid Penalty: Gifting to a Loved One in Need
It is generally known that if you make a gift to your child (or pretty much anyone, with a few exceptions) and then need to go into a nursing home within five years, Medicaid will penalize you for the gift…
Caution: Crowdfunding Accounts Can Be Detrimental for Someone on Medicaid and SSI
Over the past couple of years, when on social media, I have seen more and more crowdfunding and personal fundraising efforts. Crowdfunding sites such as GoFundMe and Kickstarter cut out the middleman of fundraising, allowing the person or organization in…
Community Medicaid: Qualifying is Easier Than You Think!
In order to be eligible for Community (“at home”) Medicaid benefits, you must meet strict financial eligibility standards. One component of the financial eligibility standard is meeting resource eligibility. To qualify for benefits, you must not have over $14,850 (2017)…