The “Greatest Generation” is dying broke due to long-term care costs. At Safe Harbor Wills and Trusts, we understand that older Americans have special legal needs and concerns. We also understand the importance of being able to rely upon trained and skilled professionals when you are dealing with the assets you have accumulated over a lifetime. Every day we help families protect and preserve their assets so that they are not lost to nursing home costs.

Am I Qualified For Medicaid?

This is one of the most common questions we get asked. You might have heard that it takes five years, but that is simply not true. Sometimes you might be qualified already and not even know it. Watch our video to learn more.

Medicaid Rules And Planning

Medicaid is a Federal benefits program, not unlike Social Security and Medicare. In fact, the money to fund Medicaid comes out of the same money with which you funded Social Security and Medicare. Medicaid planning is the process of legally and properly protecting your assets so that you may qualify to have Medicaid pay for either skilled in-home care or long-term skilled nursing care, should those needs arise.

There are many different rules and requirements you must meet when applying and qualifying for Medicaid. Now, more than ever, money-strapped governmental agencies are making it more and more difficult to meet the numerous and intricate requirements set down by the Federal Medicaid law. Failing to follow those rules can have disastrous financial consequences for you and your family, including being denied Medicaid benefits all together.

If you want to save your house and you transfer it your children, not only will it result in immediate ineligibility for Medicaid, but it could also:

  • Trigger a gift tax
  • Result in the loss of your STAR tax exemption
  • Result in your child’s spouse (your son or daughter in-law) inheriting your home when your child dies.

Also, when you give your assets away, it means that you have given up control. Even if you trust your kids, what happens if they get divorced, go bankrupt, get sued, or die before you do? Your house (and anything else you gave away to “protect it”) may be lost. There are asset protection trusts that permit you to keep complete control of your assets without the risk of losing them if long-term care is needed. These trusts allow you to keep control so you don’t have to worry about losing your assets.

Medicaid Myths

Forget what you think you may know! Medicaid is a complicated program to navigate without all of the facts.

Did you know that

  • It doesn’t take five years to qualify for Medicaid.
  • It’s never too late to qualify for Medicaid.
  • You can give away money and still get Medicaid, but only if it is done correctly.
  • You don’t have to spend all of your money before you can qualify for Medicaid.
  • A knowledgeable attorney can save you tens of thousands of dollars in nursing home costs.
  • Eligibility is calculated on a case-by-case basis. You likely won’t get the same results as someone else.
  • A nursing home or hospital that offers to file a Medicaid application for you has no obligation (and often can’t) advise you on how to protect your assets.
  • Only a qualified Medicaid planning attorney will be looking out for your interests.
  • Applying for Medicaid too early could result in being disqualified for a longer period of time than you otherwise would have been.

Make sure the attorney you hire is trained and experienced in Medicaid planning. Would you go to your family doctor for a heart problem?

If you are in a nursing home or going into a nursing home, do not apply for Medicaid until you have spoken to an elder law attorney! This simple mistake could cost you tens of thousands of dollars! Please call our office for immediate help: (315) 938-6651.

Get professional advice from our Syracuse and Watertown elder law and asset protection attorney and learn the facts. Schedule your initial meeting today to see how quickly you can qualify for Medicaid and how much money you can save for your loved ones.