OBJECTIVES OF MEDICAID ESTATE PLANNING
DIFFERS FROM STANDARD ESTATE PLANNING
MEDICAID PROGRAM
Medicare
ELIGIBILITY FOR MEDICAID
INCOME RULES
Income
Example
Example
RESOURCE RULES:
Countable Resources
Resource Assessment.
Spousal Share
Spousal Share
The family home is an excluded resource
Other Excluded Resources:
Deeming of Resources Stops as of Date of Eligibility for Medicaid
TRANSFER OF ASSET RULES
Transfers After February 7, 2006
. Period of Disqualification:
Example
Exempt Transfers
Trusts
Revocable
Irrevocable -Retained Interest
Irrevocable-No Retained Interest
ESTATE RECOVERIES
“Estate”
“Estate”
Life Estate/Joint Tenancy
Lien on Home
Estate Recoveries. Annuities
Planning: Protection of Community Spouse
Planning: Protection of Community Spouse
ANNUITIES
Maximizing Estate for Heirs
Risks of Gifting
Choice of Law
VIII. RULES OF THUMB
1. IS THERE A DIFFERENCE BETWEEN MEDICARE AND MEDICAID OR IS THE FEDERAL GOVERNMENT TRYING TO CONFUSE ME?
2. WHO IS ELIGIBLE FOR MEDICAID FOR NURSING HOME CARE?
3. IF A SPOUSE GOES INTO A NURSING HOME DOES THE NURSING HOME OR MEDICAID TAKE CONTROL OF OUR SAVINGS?
4. IF A SPOUSE HAS TO GO INTO A NURSING HOME DOES THE HEALTHY SPOUSE HAVE TO SPEND ALL OF HIS/HER ASSETS FOR THE CARE OF THE ILL SPOUSE?
6. DO WE HAVE TO SELL OUR HOME IF ONE OF US MUST GO INTO A NURSING HOME TO BE ELIGIBLE FOR MEDICAID?
8. WHEN DOES THE MEDICAID PROGRAM DETERMINE WHAT AMOUNT OF ASSETS MUST BE USED FOR NURSING HOME CARE?
9. IS A LIEN PLACED ON THE HOME OF A HEALTHY SPOUSE BY THE MEDICAID PROGRAM?
10. IF MY CHILDREN OWN PROPERTY JOINTLY WITH ME WILL THEY BE REQUIRED TO PAY OFF THE LIEN?
11. CAN THE HEALTHY SPOUSE SELL THE HOME? .
12. IS THERE A 5 YEAR DISQUALIFICATION FROM MEDICAID FOR ANY GIFTS I MAKE?
13. CAN AN INDIVIDUAL GIVE AWAY HIS/HER ASSETS TO BECOME ELIGIBLE FOR MEDICAID?
14. IF A SPOUSE IS JUST ABOUT TO GO INTO A NURSING HOME IS IT TOO LATE TO PROTECT ASSETS?
15. IF IT LOOKS LIKE A SPOUSE MIGHT HAVE TO GO INTO A NURSING HOME, WHAT SHOULD WE DO?
Michael A. Fuerst, Esq. Buckley & Zopf
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