- PLAN YOUR country.
Will or Confidence, Durable Power of Attorney and Attorney’s Power of Health Care.Have a look at Amicus Law Firm – Medicaid Planning Attorney Centerville for more info on this.
Legal tactics may be utilised to secure properties, often when a loved one has settled into a care home. This will usually require an effective lasting power of attorney.
- TRUST REVOCABLE.
In certain situations, getting your properties, like your house, titled in your revocable trust before being accepted to a hospital or nursing home, will cover additional assets for a married person.
- TRUST IRREVOCABLE.
Under the Medicaid rules, assets in an irrevocable trust are exempt. However for all transfers into an irrevocable trust, there is a 5 year look back period.
- FUNERAL EXPENSES PRE-PAY.
An excluded asset under the Medicaid regulations is a pre-paid death package (if performed correctly).
- GIFTING OR Wealth Shifting.
Under the 5 year look back era, gifting or selling some properties for less than equal market value would incur a liability under the Medicaid laws.
- CONVERTING Properties COUNTABLE TO Excluded ASSETS.
All properties are excluded (not counted) under the Medicaid rules, in addition to a pre-paid funeral. This include: 1 residence, 1 vehicle, up to $1500.00 in life insurance, personal and household products, and $2000.00. It is permissible to buy a new vehicle or perform home renovations or upgrades.
- Pay BILLS or any individual costs.
Under the Medicaid laws, covering credit card premiums, deposits, auto loans, or any personal costs are acceptable.
- NON-SPOUSES Exchanges.
The Medicaid regulations specify that the penalty rules are not subject to any gifts or transfers. This involve moving a house to a child caregiver (who must reside in and offer home care for at least 2 years) or transferring some properties to a child who is blind or disabled.
- RECOVERY ESTATE.
Recovery of the assets helps the state to pursue restitution from a Medicaid recipient’s estate after the applicant passes. Michigan is the only state in the country to enact a statute on estate recovery in 2007. Michigan started applying its estate recovery legislation beginning in July 2011.
- GET Support from a Medicaid specialist.
When it comes to Medicaid preparations, no silver bullet remains. Depending on particular situations, one or more techniques are usually used to secure properties. Nearly everybody, though, knows someone who appears to have some personal Medicaid preparation experience. In my opinion, this suggestion is wrong the bulk of the time and actually creates more issues. Medicaid is a dynamic and constantly evolving field of policy. With too much at stake, in the Medicaid preparation process, it is reckless not to work with professionals who earn a living advising consumers.