A person must have a gross monthly income of no more than $2,382 in order to qualify for Medicaid assistance to pay for long-term care in New Jersey. If a person has a gross monthly income that is greater than…
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Medicaid Laws Allow the Transfer of Assets to a Disabled Individual
An individual who requires long-term care will be eligible for Medicaid if the assets are spent down to less than $2,000. There are both federal and state Medicaid laws, however, that prevent a person from gifting assets to family members…
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Who Can Create a Special Needs Trust?
In 1993 Congress passed special laws that amended the Medicaid statute. A portion of the amendment to the Medicaid statute concerns the establishment of a Special Needs Trust for a disabled beneficiary who is less than 65 years of age. …
Medicaid Changes Penalty for Gifts
If a person provides gifts within five years of a Medicaid application then he or she will be denied Medicaid assistance for a period of time known as the penalty period. The penalty period is calculated by taking the value…
Special Needs Trust
A person must own less than $2,000 of resources in order to obtain Medicaid assistance to pay for long-term care. Both federal and state laws prohibit an individual from gifting assets within five years of the Medicaid application in order…
