Medicaid Planning for Single or Widowed People (1)

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Medicaid Planning for Single or Widowed
People There are many ways assets can be
protected for the spouse of a nursing home
resident when applying for Medicaid benefits.
When it comes to a widowed person or an
individual single person who never married,
without a spouse to give assets to under the
spousal protection rules, can anything be done
to protect assets? The short answer is yes. There
are several ways to avoid spending everything
down for the purpose of receiving nursing home
care when planning long- term health care
through Medicaid. For more information click
here. elder care attorney nj, elder care lawyers
in nj
Options are available to individuals planning
their long-term health care. They include exempt
transfers, purchase exempt assets, and gifting.
For a discussion of all available options, call
New Jersey Elder Law Attorney at [phone]
For more information click here. elder law new
jersey, elder law attorney new jersey What is
Gifting? Gifting is a present or something given
willingly to someone else without payment. The
Internal Revenue Code places a limit on gifts to
one person in a given year to 14,000. Such
limitation is a tax rule and does not apply to
Medicaid benefits. There is no legal limit on the
amount of money a person can give away for
Medicaid planning purposes. For more information
click here. elder law attorney nj, elder care
attorney near me What is a Purchase Exempt
Asset? There are a number of assets that are not
counted or considered for Medicaid spend-down
purposes. They include buying irrevocable burial
reserves, medical equipment, and a car. The
benefit of these assets can be used by either the
nursing home resident, or his or her family. For
more information click here. elder care lawyers
near me, Elder Care Law Firm What is an Exempt
Transfer?
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An exempt transfer occurs when money or assets
are given away without the penalties that apply
to gifting during the five-year look-back period
prior to filing a Medicaid application. For more
information click here. Asset Protection Lawyers
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What is the Medicaid Look Back Period? When an
individual applies for Medicaid, any gifts or
transfers of assets made within five years or 60
months of the date of the application are subject
to penalties. Any gifts or transfers made more
than five years of the date of the application
are not subject to penalties. Distinguish
Medicaid from Medicare It is important to note
that many people confuse Medicaid and Medicare.
Medicaid is a social welfare program that
provides medical benefits to individuals based on
financial need. Medicare is an entitlement
program paid for through payroll withholding.
Medicaid is designed to pay for long-term care
once an individuals funds and assets are
depleted. Do You Need Medicaid Planning? Contact
a New Jersey Elder Lawyer to Start Planning for
Your Long-Term Health Care Needs No matter your
marital status, options to avoid spending
everything down when Medicaid is part of your
long-term medical care plan need to be properly
reviewed and examined by an experienced elder
law attorney. Every state has different rules for
how Medicaid is awarded. The Giro Law Firm is a
New Jersey and New York law firm located in
Hackensack, NJ that handles a wide range of
legal matters that affect the elderly and
disabled populations, including retirement,
guardianship, health care, long term care
planning, Social Security, Medicare/Medicaid,
among other legal services. To request a
consultation, click here or call [phone].