Medicaid Planning for Individuals
Many asset protection strategies also work for a widowed or unmarried person applying for Medicaid. The law allows transfers of assets – free of ineligibility penalties – in a variety of situations, such as:
- Gifting a home to a caregiver son or daughter who has resided in the home for at least two years before the Medicaid applicant entered nursing care, and who provided care that permitted the applicant to reside at home rather than in an institution.
- Gifting funds to a son or daughter who is disabled, blind, or under age 21 (or to a special needs trust for such a person).
- Gifting a home to a sibling of the Medicaid applicant, if the sibling has an equity interest in the home and has resided there for at least one year before the applicant enters a nursing facility.
- These are just a few of the little-known ways the law allows individual Medicaid applicants to legally protect assets and still qualify for Medicaid. To find out how you or a relative may protect assets and qualify for Medicaid without gifting penalties, call for an appointment with one of our elder law attorneys.
Call now for an appointment with one of our elder law attorneys: (412) 531-7123
