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Do I Have to Invest All My Properties to Get Approved For Medicaid?

So, let’s state this theoretical couple with $100,000 can see down the roadway that the need for long term care is coming. Maybe among them has Parkinson’s illness or Alzheimer’s. If they distribute $50,000 to their kids, how does Medicaid look at that?

Once again, timing is necessary. If you are talking about wishing to obtain Medicaid soon, providing away your loan is not a great concept. You shouldn’t do this unless you make sure that you will not need to request Medicaid for at least five years.
What if the situation is “My spouse remains in the nursing home now and beginning next week I am going to be on the hook for $6,500 a month. What do I do?”

In that kind of a case, we develop the continuous duration of care and we develop what your assets are. That informs us what you have to invest in order to receive Medicaid. Let’s say you have a home and a car and some other belongings. Your home and vehicle are not counted; they are thought about “exempt.” The staying properties might be any combination of things: his Individual Retirement Account, your IRA, an inspecting account, a little pot of gold in the basement, money, some stock, an annuity, the money value of a life insurance policy, a 2nd vehicle, etc. That all gets totaled. If it’s $100,000 your other half can’t get Medicaid until that $100,000 is decreased to $50,000. And there are no rules that say how you spend the cash– except that you can not give it away.
If you do provide it away, you’re going to produce an ineligibility period for Medicaid.

There are 2 exceptions:
If you have a disabled child, you are allowed to make gifts to the handicapped child– any amount, any possession.

If you have a child who lives in your home with you and supplies care that keeps you out of a nursing house for a minimum of 2 years, you are permitted to give your home– and just your house– to that care-providing daughter or son. Not grandson, not granddaughter, not uncle, not cousin, not next-door neighbor– kid or child only.