For those who need healthcare or long-term care but lack the resources to pay for it,
However, because the costs are so great, many people wind up accessing Medicaid benefits once their assets have been depleted. Medicaid may provide assistance with paying for home care, assisted living and nursing homes.
In an ideal world, many people would like to qualify for Medicaid before they become completely broke, thereby preserving their children's' inheritance. For those who are contemplating transferring all of their assets to their children in order to qualify for Medicaid, the government is already one step ahead. If you gift any assets to your children, you must wait 60 months from the date you gave the gift before becoming Medicaid eligible. However, there are perfectly legal strategies that one can implement to become eligible for Medicaid while still possessing considerable assets. In fact, there is an entire industry of "elder law" attorneys who specialize in helping people qualify for Medicaid benefits way in advance of their assets becoming depleted.
Assets may be freely transferred between spouses to help gain eligibility for a spouse that needs care. Moreover, there are many assets that are exempt for purposes of gaining eligibility. A primary residence, rental property, certain IRA's and most cars are all exempt assets. Additionally, one is able to enter into contracts with family members to provide care in exchange for a fee, without a 60-month look back. With the correct guidance and planning seniors who require long-term care can receive free government healthcare while preserving assets for their heirs. Please contact us for additional information.
This information is provided for informational purposes only and is general in nature. It is not a recommendation to buy or sell any investment or adopt any investment strategy.
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