A. Many families have heard that they should just give everything to their children. While your children may be well intentioned, this is not typically recommended. When you give your assets to your children it becomes subject to the risks of their lives, such as health crises, financial emergencies, creditors, or even an unexpected death. There are other options that may be more advisable to give you the best opportunity to qualify for Medicaid coverage when you need it.
A. Every situation is unique. For example, if you are married and most of your assets are not real estate, then it is likely all your assets can be saved. Typically, most families can expect to save at least half of their assets.
A. Yes. The “five-year rule” many have heard about has nothing to do with determining your qualification for benefits – it only applies to the financial disclosure you must provide. Certain transactions in the look-back period may cause a delay before Medicaid begins paying full benefits. However, some transfers may be excluded as permissible transfers.
A. Yes. Regardless of your current situation, don’t assume you don’t qualify. However, the best advice we can give you is this: Start planning now. No one knows what the future will bring. The sooner you start preparing for your golden years, the fewer surprises there are likely to be. And a little planning now can make a big difference for you and your loved ones later on.