Medicaid Planning for Individuals in PA
Medicaid planning is not just for married couples. 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. In addition, you may be able to protect approximately 50% or more of the applicant’s assets if you see an elder law attorney in time.
Related Medicaid Planning Posts
- When is it too late to protect assets when qualifying for Medicaid? - Quick answer: when all (or almost all) of your assets are spent down and you’re qualified for Medicaid benefits. Until that time, there are usually opportunities for some savings.
- Value of starting the clock on asset protection plans - Many asset protection plans we prepare for clients provide future financial security; that is, the client has no immediate financial threat, but one or more could arise in a few years. Undue influence from family or strangers, nursing home spend-down, or possible lawsuits could occur, but no one expects them anytime soon. As to nursing […]
- Why use an elder law attorney to help you qualify for Medicaid? - Imagine that your husband recently suffered a stroke. After a stay in the hospital, he now resides in a nursing home. His doctor tells you your husband will not likely improve and will need to stay at the home indefinitely.