Preserving Your Assets During A Medicaid Crisis
You do not have to spend down all of your assets to qualify for nursing home care through Medicaid. Unfounded fears of losing one’s home often result in individuals making the mistake of then selling their home. Individuals may also unnecessarily give away assets because they mistakenly believe certain assets will otherwise be lost.
The goal of our attorneys at Livens & Reed, PLLC is to protect your assets as much as is legally possible. Even should both you and your spouse be in a nursing home, we understand how to safeguard your estate without jeopardizing your Medicaid eligibility. This is possible even in the event you already entered a long-term care or assisted living facility.
Our clients include legal guardians and caregivers. We provide assistance even if an elderly person about to enter a nursing home has not made the appropriate plans. We take immediate action. We also offer comprehensive Medicaid planning and address all of your estate planning concerns. This includes services concerning obtaining of veterans benefits.
Call Livens & Reed, PLLC at 800-569-2663 for a free Medicaid planning consultation. We serve clients in Dallas County and Tarrant County, the DFW Metroplex and statewide in Texas.
Preserving Assets And Medicaid Eligibility
The state of Texas exempts some assets, covering Medicaid expenses after a couple spends down to a Protected Resource Amount (PRA). For 2024, this means a couple can keep at least $30,828 but cannot have total assets of more than $154,140 to qualify for nursing home assistance. The home, one vehicle and prepaid burial plans are excluded. A spouse can also earn up to $3,853.50 a month, after allowance for household expenses and personal needs.
Even after these exceptions, many people are ineligible because assets or income exceed the threshold. Social Security or pensions, for example, often disqualify the spouse who is entering a nursing home. Livens & Reed, PLLC applies a number of approved Medicaid planning strategies to make clients eligible and provide for extra comforts during their last years.
- A Miller Trust, also called a qualifying income trust, is a set of instructions applied to the person’s checking account. Any income over the monthly cap is diverted to the trust to preserve Medicaid eligibility.
- Gifting of up to $16,000 per year per heir is allowed without triggering gift taxes. This is an important strategy for the gradual transfer of wealth to children. However, transfers within a five-year look-back period will disqualify or delay the donor’s Medicaid eligibility. If the nursing home is years away, we can make sure that gifting complies. If assets have already been transferred, we can minimize the divestment eligibility penalty and retain up to 60 percent of remaining assets plus what Mom or Dad gave away.
Qualified And Successful Lawyer Assisting You
Of the hundreds of Medicaid applications handled by Livens & Reed, PLLC in 2023, not a single one was denied. If the claim is turned down, our attorneys can represent clients in Medicaid appeals (which a non-attorney cannot).
Contact us today for crisis Medicaid planning and comprehensive counsel in elder law. We offer a free initial consultation, by appointment in our Addison or Bedford location.