While people are living longer lives than they did in the past, it also creates a higher probability that a person will need the service of a long-term care facility someday. The cost of long-term care will often deplete a person’s savings within a short period. Without the support of Medicaid, people will possibly end up having to sell assets in order to come up with the money to afford their long-term care. Short of a proper estate plan, the money they have earned and the assets they have gained throughout their life will be used solely to pay for their long-term care instead of going to loved ones. Continue reading “Irrevocable Medicaid Trust”
In order to be eligible for Medicaid, there are certain asset limits that need to be followed. Some of those include $2,000 in cash ($3,000 for a couple), a home valued at $500,000 or less, one automobile of any market value, funeral and burial funds, any real or personal property deemed essential for self-support, and a life insurance policy not exceeding $1,500. If an applicant wishes to receive Medicaid funding but has excessive assets, they will need to either spend down those assets or use the excessive amount to pay for long-term care needs until the surplus amount is drained. Continue reading “Spending Down Assets for Medicaid: A Prepaid Funeral Contract”
Medicaid is considered a need-based program. For this reason, in order to qualify for Medicaid, you must have only a limited income and a maximum amount of assets to qualify. Many people worry that because they have a home or a car that they will be ineligible to apply for Medicaid. This is untrue, as certain assets will be excluded from your total assets.
Continue reading “Medicaid Ineligibility Period”
Through conscious Medicaid planning, New York residents may be able to preserve some of their assets for their children or other heirs while still meeting Medicaid’s income requirements. One means of achieving this is through the establishment of a trust. By placing assets into certain types of trusts an individual can eliminate their countable assets for Medicaid eligibility purposes. However, only certain trusts may be useful in qualifying for Medicaid. Continue reading “Which Trust Helps Me Qualify for Medicaid?”