Do you need more information? Here are some common topics going over what to know about Medicaid. If you have questions about Medicaid, trusts, life estate, and others please contact us to schedule a consultation with an experienced Rochester elder law attorney. Let our experience work for you.
- Medicaid is your very last resort and it is based on your financial need.
- You are limited to having $845 per month. With resources of no more than $14,850.
- When someone applies for Medicaid long term care, they have to provide bank records and information going back five years
Medicaid Primary Residence Exemption
- Your primary residence is exempt from Medicaid up to $828,000.
- You can transfer your residence to your spouse and it’s completely exempt and there is no penalty for that.
- If you have minor disabled or blind children, you can transfer the residence to them into a trust and you will not be penalized.
- If you have a brother or sister who has been living with you for the past year and they’ve been helping with the expenses, you can transfer the house to your brother or your sister.
Emergency Medicaid Planning
As an experienced Rochester Elder Law Attorney, people often ask me about emergency Medicaid planning.
- You will need the appropriate statutory gift rider on your power of attorney in order to have access to emergency Medicaid planning
- Emergency Medicaid planning can be done if it’s authorized through guardianship proceedings as well
- This will allow you to preserve half your assets even though you are in a nursing home
Medicaid Gift Giving
- Many of the rules of Medicaid gift giving vary from county to county.
- New York State used to have a gift tax, and actually eliminated one of their taxes.
- The Federal Gift Tax is at $5.3 Million and above.
- For people who have large estates, they can give away $14,000 per year to as many people as they want.
- They will review your pattern of gift giving to make sure money is not being given away to qualify.
Medicaid Penalty Period
- Assets that are transferred for the purpose of qualifying for Medicaid may result in a penalty period.
- Gifts that are made in the past 5 years may results in a penalty period.
- If you gave away $96,000 over the past 5 years, you will be disqualified from Medicaid for 10 months, which means that you will have to privately pay during that period.
Contact Our Rochester Office Today!
Are you in need of information and want to be more informed on what to know about Medicaid? If so, contact the experienced Rochester Elder Law Attorney Robert Friedman.
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