The costs of long term care can be overwhelming. Nursing homes can cost many thousands of dollars a month which can deplete an elderly person’s resources very quickly. One source of help can be Medicaid. In order qualify for Medicaid a certain income threshold must be met. Here are some ways to meet the asset qualifications without resorting to bankruptcy.
There are many different types of trust that exist than can help to shelter assets while still allowing qualification for Medicaid assistance. Since Medicaid laws differ greatly from state to state it is important to engage the help of a lawyer in order to help figure out what type of trust might be best for your specific satiation.
Personal Care Agreements
This is a lump sum that is paid to a caregiver for services in the future. This can help to reduce the size of an estate to reduce it under a Medicaid threshold. It can also help out the agreed to caregiver. A child or other loved one who has to sacrifice income in order to take care of an elderly patient can be the recipient of this agreement.
This is where money is transferred to the sole ownership of one spouse in order to allow the other partner to qualify for Medicaid. Again, laws can be tricky to navigate so it is best to consult a lawyer on the best way to perform this type of transfer.
Contact Stano Law group today for assistance with estate planning or other elder law issues.