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Payment is the issue of liquidating assets to pay the high costs of nursing home care. As families find ways to pay for their loved ones, one of the biggest problems becomes how to pay expensive ...
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 ...
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 ...
Medicaid estate recovery is a required process under United States federal law in which state governments adjust (settle) or recover the cost of care and services from the estates of those who received Medicaid benefits after they die. By law, states may not settle any payments until after the beneficiary's death.
These are typically called "special needs trusts." Typically, an individual has Medicaid and Social Security Supplemental Security Income (SSI) coming in. For such individual to then be given access to funds in excess of, usually, $2,000 ("countable" assets), risks immediate termination of his government benefits.
That means any asset transfers made in the five years before applying are scrutinized and may delay Medicaid enrollment. Still, with proper planning, there are ways to shelter assets from Medicaid ...
Liquidation is the process in accounting by which a company is brought to an end. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as wound-up or dissolved, although dissolution technically refers to the last stage of liquidation.
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 ...