Timing is everything. How often have you heard someone express that sentiment? And while it’s often true of life in general, it’s certainly true in Long Term Care planning. So does an inheritance count as an asset for Medicaid purposes? For a single person, the answer is clearly, “Yes.” If a single individual is spending down his or her assets, and before the spend-down is completed, that individual receives an inheritance, then those assets are added into whatever that person has and must be spent […]
Tag Archives: Kansas Medicaid
Henry and Marge Smith have lived on their family farm in Kansas for over forty years. Recently, Henry suffered a stroke and was told by his doctor he needed nursing home care. “Finding a nursing home is not the problem,” Marge says when she comes to your office. “There is a nursing home in town where my parents lived for several years. Our family was very happy with the care they received. My concern is finding the money to pay for his care.” She starts […]
Are Married Couples Required to Spend Down One-Half of Their Assets in Order to Qualify for Medicaid?
The simple answer: No. In fact, there are couples who together have over $100,000 in assets (not including their home) and qualify for Medicaid without any spend down. How can this be? What about the “division of assets” and “spend down” people are always talking about? Medicaid law is quite complex and everyone’s situation is different. The following example is just one of the many ways in which some of our clients are able to qualify their spouse for Medicaid without spending a penny: Carol’s […]
Financial Gifts to Children and their Effect on Medicaid Qualifications
There are so many misconceptions surrounding Medicaid with respect to financial gifts that we thought we would address some of the more frequently asked questions: Q: “Is it true that under current Medicaid laws, a parent cannot make financial gifts to their children or others once they have entered the nursing home?” A: No. In fact, a proper gifting program is a great Medicaid planning technique. At the time an applicant applies for Medicaid, the state will “look back” 5 years to see if any […]