Knowledge is Power. Here are a Few Things to Consider.
with Brent Van Deysen
View full episodes of Legally Speaking with Brent Van Deysen below:
Plan your estate while you are in good health
If you are in fairly good health, you can transfer your home, property and financial assets into a special type of trust. This arrangement will allow you to live in your home and receive interest income from your financial assets while you are living. If your home and financial assets are owned by your trust, they are not counted to determine eligibility for Medicaid paid nursing home care. The result: If you need nursing home care, Medicaid pays the bill and your home and your financial assets in the trust are protected for your loved ones. This must be done while you are still in good health, five years before an application for Medicaid paid nursing home care is made.
Chose a protected home ownership option
You have probably heard someone say : “If you go into the nursing home the State will take your home.” In certain circumstances, the State has a right to place a lien against your home to recover nursing home costs paid under the Medicaid program. By re-titling the deed to your home as a life estate or by transferring your home to a special kind of trust, you can eliminate the State’s recovery right. This must be done while you are still in good health, five years before an application for Medicaid paid nursing home care is made.
If you or your spouse is in a nursing home, it is not too late to plan
If you have not planned for nursing home care in advance, there are still ways that Mr. Van Deysen can protect your assets. If you are paying nine or ten thousand dollars per month for nursing home costs, Mr. Van Deysen may be able to help you get Medicaid to pay those costs in as little as thirty days while protecting your assets for your spouse or your loved ones. Back to Top