The cost of long-term care can be catastrophic. Many families deplete their life savings and assets on the cost of this care. Fortunately, there are federal and state laws that protect the healthier spouse from being impoverished. These laws and…
Read More Change in Medicaid Laws Protect More Assets for Married Couple
What happens if the property is sold during the lifetime of the parent? Many individuals protect their home from Medicaid and the cost of long-term care by transferring their property to a family member but retaining a life estate interest. …
Read More Problems When Life Estate Is Sold During a Person’s Lifetime
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…
Read More Medicaid Laws Allow the Transfer of Assets to a Disabled Individual
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…
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…
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