Would You Skip Homeowner’s Insurance to Save a Few Thousand Dollars?
We were discussing our VA plan and how we have clients place assets into a trust, then qualify for VA benefits and guide families on how to spend the money in the trust so we can keep eligibility for New Jersey Medicaid should it be necessary. “But, my brothers and
Is it Spent Down or Isn’t It?
If I owe someone money but it’s still in my account do I really still own it? Would the answer be different if that “someone” is the IRS? June called me concerning her dad. “He’s in a nursing home and has spent down his assets,” she said. “I applied for Medicaid
Disabled Child of Not? Timing is Everything (Part 2)
Last week I was telling you about Rick. His Dad transferred his home to Rick, who currently is disabled but was not at the time of the transfer. I explained to Rick that the transfer, contrary to what he believed, is subject to a Medicaid transfer penalty of 51.5 months
Disabled Child or Not? Timing is Everything
The last 2 weeks we were discussing the transfer of a home to a child who has been living with the parent in that home. But, what about transferring the home to a disabled child? Isn’t that an exception to the Medicaid transfer rules? The answer is yes, but like all
Can’t I Transfer My Home to My Child Who is Living With Me and Still Get Medicaid? (Part 2)
Last week we were discussing Susan’s mistake of confusing Medicaid’s exempt asset rules vs. the transfer of assets rules. Mom transferred her home to Susan 4 years ago and now needs Medicaid. If she applies now there will be a Medicaid penalty, a period of ineligibility. There are, however, exceptions