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Elder Law Tips

 Assets in a revocable living trust are NOT protected and must be used to pay for the costs of long-term care.

  Your home is exempt up to a fair market value of $543,000.00. If you transfer your home to your children, not only will it result in immediate ineligibility for Medicaid, but it could also:

  • Trigger a gift tax
  • Result in your child’s spouse (the in-laws) inheriting your home
  • Trigger capital gains taxes, if sold after the transfer
  • Children’s creditors can force a sale of the homestead

 You do NOT have to wait 60 months to qualify for Medicaid. Eligibility is calculated on a case-by-case basis. You can have substantial assets and still qualify immediately with proper planning. Get professional advice and learn the facts.

 It is never too late to protect your assets, even if you are already in a nursing home. In fact, you can qualify for Medicaid sooner if you are already in a nursing home.

 A nursing home or hospital that offers to file a Medicaid application for you has no obligation to (and often cannot) advise you on how to protect your assets.

 Only a qualified Medicaid planning attorney will be looking out for your interests.

 Applying for Medicaid prior to qualification could result in being disqualified for a longer period of time than you otherwise would have been.

 Make sure the attorney you hire is experienced in Medicaid planning. After all, you wouldn’t consult a dermatologist for a heart problem. Pick the right person for the right job.

 Don’t let fear stop you from planning. The earlier you start, the more you can protect, and the more options you have.

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