Medicaid Planning for Single or Widowed People

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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 (201) 690-1642 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?

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 near me, child custody Lawyers nj

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 individual’s 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 (201) 690-1642.

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