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Medicaid is state-run, so each program’s coverage and requirements differ, but they’re all required to offer some form of coverage for long-term care. Many, if not most, Medicaid programs ...
There are other ways to protect assets from Medicaid while still receiving long-term care benefits. These can involve costs of their own and all have some limitations to consider, but they may be ...
One method is to place assets in an irrevocable trust at least five years before needing Medicaid coverage. A trust is a legal document that creates a legal entity. Trusts come in two main ...
The argument to continue non-LTCR estate recovery was expressed by an assistant commissioner for the Minnesota Department of Human Services, a state that had expanded Medicaid: “The general idea here is that people with assets should help contribute to the cost of their coverage, Many have incurred thousands of dollars of medical expenses at ...
The law extends Medicaid's "lookback" period for all asset transfers from three to five years and changes the start of the penalty period for transferred assets from the date of transfer to the date when the individual transferring the assets enters a nursing home and would otherwise be eligible for Medicaid coverage. In other words, the ...
The most significant impact of Medicaid estate recovery for heirs of Medicaid recipients is the possibility of inheriting a reduced estate. Medicaid eligibility assumes that recipients are low ...
A trap for the unwary U.S. investor with an asset on which there have been gains in value who contributes the asset before the gains become long-term. The premature gift forfeits deduction of the short-term gains. The asset can be deducted only up to the amount of its basis, and not up to the amount of its appreciated market value.
A Medicaid asset protection trust (MAPT) can be useful for estate planning if you believe you or your spouse will need long-term care at some point. Transferring assets to this type of trust can ...