Asset protection planning for patients in or entering a nursing home.
Nursing home care can cost over $100,000 per year! This can quickly deplete your life’s savings. However, with our help, you may be able to retain MOST or ALL of your assets. This applies if you are already in a nursing home or may have to go into a nursing home.
As an Elder Law attorney who has been specializing in Protecting Assets from the Nursing Home for 20 years, I have saved my clients over a MILLION DOLLARS! My average client saves approximately $100,000 – $300,000! All of our planning is done through legal options available to you.
We can help you protect your assets, file the Medicaid application for you, and get you or your loved one qualified for Medicaid so that the government pays for the nursing home.
You May Qualify for Medicaid
Medicaid is a government program that pays the cost of nursing home care if certain criteria are met, such as asset and income limits.
Generally, a Michigan resident who is age 65 or older, or disabled, may qualify for Medicaid if the financial criteria for asset and income limitations are met. The asset limit is $2,000 for an individual. For most people, you can keep your home, one vehicle, all of your household goods and jewelry. If a person has more than $2,000 or other excess assets, then the excess money/assets must be spent down to the $2,000 limit. This could mean paying the nursing home $10,000 per month until all of your money is gone!!
The individual’s income is generally all paid to the nursing home with a few minor exceptions such as paying for health insurance. Through proper Asset Protection Planning, there are legal options available for your family to keep up to 100% of your assets.
For married couples, the asset and income limitations are different when one spouse goes into a nursing home. The spouse that stays home is allowed to keep more assets and income in order to support himself or herself. Generally, this amounts to one-half of the couple’s assets with the minimum that the spouse can keep being $25,284 and the maximum being $126,420. The nursing home spouse is still only allowed to keep a maximum of $2,000 in assets. The couple must spend down the excess money before they can qualify for Medicaid. This could mean paying the nursing home $10,000 per month until all of your money is gone!!
If the stay at home spouse’s monthly income is less than $2,030, then he or she may keep some of the nursing home spouse’s income to make up the difference. Through proper Asset Protection Planning, there are legal options available for your family to keep up to 100% of your assets.
Any person who gives away money or other assets within 5 years of applying for Medicaid may be subject to a penalty. This is called, “The 5 year look-back.” A common situation is giving money, property, or other items to family members. Even adding a child’s name on a deed can result in a penalty. However, there may be legal ways to cure gifts and not receive a penalty. Contact our office and set up an appointment to see what your options are.
Asset Protection Planning
Through Asset Protection Planning, the law provides legal options for you and your family to retain assets and still qualify for Medicaid to pay for nursing home care. You can have peace of mind that you will not lose everything you’ve earned and saved over the years.
You may call this office to set up a consultation to see if Asset Protection Planning will be beneficial to you and/or your family.