The Rules Have
On February 8, 2006, the Deficit
Reduction Act of 2005 was enacted, which significantly changes the
Medicaid qualification rules. Don't rely on rumors, make sure
you are prepared by speaking with an attorney familiar with these
They cannot take your home, nor do they want to
unless you are single and have more than $500,000 of
If you are married, and either you or your
spouse need to go into a nursing home, your home is exempt
from Medicaid’s calculation of what your contribution to the
cost of care should be.
If you are single (unmarried or widowed) and
you go into a nursing home, your house may be exempt if you
follow certain procedures. Married people must be careful,
however. If one spouse dies, the home may become available
to Medicaid if you have not made adequate plans prior to
You don’t have to give away your assets to
Medicaid law provides specific rules for
determining the amount (if any) you may be asked to
contribute to the cost of nursing home care for your spouse.
While it may be necessary to legally protect some portion of
your assets, there is usually no reason to give them away.
Through the use of specially designed trusts, Golowin Legal,
LLC can help you retain control over your assets, now and in
the future, without them being at risk to
There is no such rule. Qualification is
determined on a case-by-case basis, and you can qualify sooner
than 36 or 60 months.
This is a common misunderstanding. The 60
month figure simply refers to the number of months prior to
entrance in a nursing home that Medicaid can examine your
This figure has nothing to do with
determining your qualification for Medicaid. It is what
financial activity Medicaid sees in this 60 month period of
time that determines whether you will qualify. If you
make the proper planning decisions, you may qualify
immediately even if you made uncompensated
transfers that might otherwise make you ineligible for
Rule of thumb:
Never apply for Medicaid until you are certain you qualify.
Otherwise, you may have to wait longer than thirty-six
months. Contact me
today for complete
Did you know that around 50% of people
who are 65 years of age or older will spend some part of their
lives needing physical and/or custodial care? This is
important because long-term care is
expensive (usually over $60,000 per year), and can exhaust a
family's entire life savings within a short period of time.
Planning ahead is very important.
It is extremely unlikely that your current will or trust is
enough to provide for you and your family in this situation.
Unfortunately, a "basic" will or even complicated trusts that were
created to save estate tax are not enough to provide for you in this
situation. If you are concerned with your exposure to nursing
home costs, contact me today for a
free consultation. Don't worry about whether you'll be able to
pass your legacy on to your loved ones.
If You Are Facing A
Without pre-planning, many individuals
end up in the unfortunate position where they have already entered
(or are about to enter) a nursing home, but are told that they have
too much money to qualify for Medicaid. These people are
facing a "crisis", because the family is now faced with
long-term health care costs that range from $5,000 to $10,000 per
month that they had not planned for. This can deplete the life
savings of almost any family very quickly.
If you are facing a Medicaid
"crisis", don't listen to the rumors and myths. Rather than
deciding nothing can be done, contact
Golowin Legal today.
Don't Apply Yet!
Never file a Medicaid application
until you are sure that the Medicaid applicant qualifies! Once
you apply for Medicaid, many of the planning opportunities are
By contacting Golowin Legal before you
complete a Medicaid application, you will know the exact date that
the application should be filed, and the amount of money you can
save. Don't forefiet your right to plan by submitting an
application too soon! Call today for a free confidential interview.