First and foremost, it is never to late to protect your assets. Even if you are currently in a nursing home, we may be able to help. Still not convinced? Pick up the phone and call us. There's no charge for our initial Medicaid Consultation
Medicaid’s basic philosophy is that the Nursing Home resident, and his or her spouse, should pay for the resident’s Nursing Home before the taxpayers should pay for the resident’s Nursing Home. On the surface, this seems eminently logical. However, looking deeper, one finds that if you have never worked, never paid taxes and spent a lifetime on public assistance, you qualify for Medicaid immediately. But if you have worked your entire life, supported the Medicaid system through your taxes, lived frugally, saved money and played by the rules, Medicaid views it as wrong if you attempt to salvage any of your money in order to leave at least a modest legacy to your family as tangible evidence of your lifetime on this earth.
Medicaid has the legal right to look back through five years of financial records of the Nursing Home resident and spouse. This is done to see if resources have been gifted or transferred for less than fair market value. Medicaid workers examine financial records very carefully as some folks try to hide things. When you apply for Medicaid you have to sign a form that what you have told them is the truth – lying and hiding assets is called fraud.
Many folks have listened to advice heard from well meaning friends, financial advisors, banks, funeral homes, CPAs, attorneys and social workers in the Nursing Home who do not go to the Medicaid office, who do not know what the regulations really are and what can be done to preserve assets. Much of this information is just plain wrong. We have even had instances where someone has gone to a Medicaid office on their own and been given completely wrong information from a State Medicaid worker, and made very expensive mistakes. The State will acknowledge these errors but will not reimburse you for their errors
We help folks with Medicaid planning to preserve and protect assets within the Medicaid regulations. We call this estate planning for folks who have obtained their money the hard way – by earning it.
Contact us to find out how.