When it comes to Medicaid planning, a lot of the focus is on how you can go about protecting your assets through different strategies under existing spousal protection rules – but what about people who are unmarried or widowed? Fortunately, there are solutions, says a leading elder law attorney in New Jersey.
- Gifting: Gifts made during the look-back period (currently set at 5 years) can make you ineligible for Medicaid for a certain period of time. However, this can form a part of your asset protection strategy. The purchase of an annuity, for example, can ensure that funds are available for care during this period of time without you having to draw on that gift.
- Exempt transfers: These are assets that you are allowed to gift within the look-back period without compromising your Medicaid eligibility. Only certain types of gifts qualify as exempt transfers, however. These include money or assets given to a child or grandchild under 21 who is disabled, deeding your home to your child who has lived with you as your caregiver for at least 2 years, funding a trust for a disabled family member under 65, or deeding your home to a sibling if they have equity interest in the property and have lived there at least one year. While these are the most common exemptions, there are others that you may qualify for.
- Purchasing exempt transfers: Some Medicaid planning strategies include purchasing assets that would then qualify as exempt transfers, protecting your financial wellbeing without compromising your Medicaid eligibility. Some assets that may qualify as exempt transfers include burial reserves, medical equipment and even a vehicle.
Effective Medicaid Planning Strategies from Your Elder Law Attorney in New Jersey
Frank R. Campisano is highly experienced and compassionate elder law attorney with considerable knowledge of Medicaid issues. In addition to planning ahead financially for Medicaid eligibility, he is also able to assist with applications, appeals and other Medicaid issues. If you or a family member needs assistance with their Medicaid planning or protecting their assets effectively, don’t hesitate to get help today.
In addition, you can also prepare additional estate planning documents, such as your Last Will and Testament, Healthcare Proxy, Power of Attorney documents and trusts.
For a free consultation, please contact us today and speak to Frank R. Campisano or visit our website at https://www.scclegal.com/