Obtaining long-term nursing care, such as moving into a nursing home, is a necessary step for many people. However, it is also expensive, as many of these facilities charge thousands of dollars every month for their services. Sadly, some senior citizens may feel the need to sell homes or other valuable assets to pay their bills. Thankfully, an alternative exists. If a person is unable to pay their nursing home bill, the Medicaid program can cover these costs under certain circumstances. Although many people may believe they have too many assets to qualify for Medicaid, an experienced elder law attorney can explain legal options for increasing a person’s chances of eligibility. Speak to a Wake Forest Medicaid Trust lawyer about ways to plan for your future healthcare needs.
Making a move into a nursing home is always a chaotic time. This significantly changes a person’s day-to-day routines and requires them to examine their finances. For many people, moving into a nursing home could completely drain their bank accounts and lead to the sale of their family home. Nursing home care is universally expensive, and to address this, Medicaid is meant to provide full payments to senior citizens in need. Unfortunately, this option is only available if a resident is unable to make the payments on their own, requiring the complete exhaustion of one’s assets to get financial support. This can leave both a resident and their heirs in a difficult position.
Every application for Medicaid will include an audit of a person’s finances. It is essential to lessen your assets before this audit occurs. The most common way to achieve this is to place property in a Trust, which takes legal ownership over property until it moves to a beneficiary at a designated time. While property is in a Trust, it is immune from a Medicaid audit. Unfortunately, Medicaid recognized this as a loophole in the financial requirements for eligibility. As a result, section 1917(c)(1)(B)(i) of the Social Security Act creates a five-year lookback period. This means that any property placed in Trust within five years prior to the date of application is still subject to valuation when determining a person’s eligibility for Medicaid. As such, it is crucial to form a Medicaid Trust plan as early as possible to increase your chances of eligibility. A Medicaid Trust attorney in your area can further explain your options for getting the financial support you need.
An estate represents a person’s work and achievements throughout their life. Sadly, the value of an estate can be depleted by the need to seek out expensive, long-term nursing care. Although Medicaid is meant to provide aid to those who need these healthcare services, seniors are only eligible once they have lost ownership of their family home, business, and other important assets. Transferring property into a Trust is a vital step towards protecting the property you worked so hard to obtain. To gain peace of mind and secure the financial future of you and your heirs, speak with a Wake Forest Medicaid Trust lawyer. These types of plans are only effective if they are established more than five years before applying for Medicaid, so do not delay in calling and getting the help you need. Contact us today.