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
Can’t I Transfer My Home to My Child Who is Living with Me and Still Qualify for Medicaid? (Part 1)
This is a case of a little bit of information being a dangerous thing. Mom transferred her home to Susan 4 years ago. Mother and daughter had been living in the home for years. “Since I am living in the home isn’t it an exempt asset,” Susan asked. “Yes, it
What is the CSRA and How is it Calculated? (Part 2)
Last week we were discussing the Community Spouse Resource Allowance (CSRA) and how to calculate it. I also explained that a mistake in determining that number can be quite costly. Here’s how. Using my example from last week, let’s say husband, Joe is in the nursing home and wife, Mary has
What is the CSRA and How is it Calculated? (Part 1)
CSRA stands for community spouse resource allowance, that amount of money that a healthy spouse can keep and still qualify the ill spouse for Medicaid. Sounds simple but if misunderstood and misapplied, it can cost the healthy spouse tens of thousands of dollars in lost assets and additional nursing home
A Tragic Tale and a Lesson for All
Driving is always a sticky issue with aging parents and family members. Mom or Dad’s refusal to acknowledge physical and mental limitations can put their lives at risk but if they get behind the wheel of a motor vehicle they can put others at risk. A recent New Jersey wrongful
Robot & Frank – The Future of Elder Care?
A few years ago I wrote about a movie titled the Savages, which focused on the story of an elderly man suffering from dementia and his 2 children who were suddenly forced to care for him after his second wife had died. Hollywood has just released a new movie that,
Role Reversal – When the Child Becomes the Parent
It is something I explain frequently to families when discussing long term care and a conversation I had last week with Dad’s three children who flew in from different parts of the country to meet with me regarding his placement in an assisted living facility. The discussion centered on what Dad
College Debt and Long Term Care – Unrelated? Maybe not
I have written and spoken in the past about the dangers of grandparents paying for a grandchild’s college education if they haven’t planned for long term care first. That payment may not be subject to gift tax laws but will be subject to a Medicaid transfer penalty. However, there is