When a single person needs Medicaid benefits to pay for in-home, assisted living, or nursing home care it is true that the asset protection options are limited compared to a married person in the same situation. But there are still some options. Check out the tips below and join us on March 10, 2020 at 5:30pm at our office where Haans and I will discuss what options single people have for Medicaid planning.
- Work with an attorney who specializes in elder law and asset protection to learn how gifting assets to an irrevocable trust five years in advance of needing benefits can preserve assets for your loved ones.
- Consider gifting your home to an irrevocable trust five years ahead of the look back period if you are concerned that the current rules that protect a home might change in the future.
- Make sure your assets are setup to avoid probate so that if you do receive Medicaid benefits your assets won’t go through probate and be subject to estate recovery.
- Be sure that your general durable power of attorney authorizes your agent to make gifts for you and specifies who your agent is authorized to gift assets to.
- If you are not able to transfer assets five years before needing benefits, there is a way to protect about ½ of your assets at the time you apply for benefits. An elder law attorney can help with this planning.
- Be sure to keep great records as you age of your financial dealings so that the person assisting with a Medicaid application in the future can trace all activity, report all account closures, and be able to accurately complete an application for benefits and provide all information the caseworker might request.
You can register for the March 10, 2020 seminar by calling our office at (616) 392-1821 or emailing Julie at firstname.lastname@example.org.