Your most valuable property may be your home, which is true for many people. You likely want your children to inherit that value when you pass away. However, you may also have concerns about planning for the future, especially if your health declines and you need expensive…
Long-term care in a skilled nursing facility is very expensive and most people are not able to sustain the cost for very long. An alternative for many people is to apply for Medicaid and receive assistance from the State and…
While Medicaid helps pay for nursing home care, being admitted to a nursing home as a Medicaid recipient is not always easy. There are several ways to navigate the process, depending on your situation. With the median cost of a nursing…
Medicaid planning can be a difficult and confusing process. The following are some common mistakes people make when planning to apply for Medicaid. Thinking it’s too late to plan. It’s almost never too late to take planning steps, even after…
Do you need an attorney for even “simple” Medicaid planning? This depends on your situation, but in most cases, the prudent answer would be “yes.” The social worker at your mother’s nursing home assigned to assist in preparing a Medicaid…
With careful Medicaid planning, you may be able to preserve some of your estate for your children or other heirs while meeting Medicaid’s low asset limit. The problem with transferring assets is that you have given them away. You no longer…
The phrase “life estate” often comes up in discussions of estate and Medicaid planning, but what exactly does it mean? A life estate is a form of joint ownership that allows one person to remain in…
If you have it to give, you certainly can, but there may be consequences should you apply for Medicaid long-term care coverage within five years after each gift. If you think there is a chance you will need Medicaid coverage of long-term care in the foreseeable future, call Strohschein Law Group before starting a gifting plan.
Families hoping to use Medicaid to help pay for long-term care are facing tougher restrictions—though some states are getting stricter than others.