Lie #1: New laws have made it impossible to protect your assets from nursing home costs.
Truth: While the rules have changed, good planning opportunities still exist!
Lie #2: New Laws require that you must wait 60 months to qualify for Medicaid if you give away assets.
Truth: Qualification is determined on a case-by-case basis and you can qualify in less than 60 months and special programs exist, which allow you to obtain Medicaid services in your own home without having to go to a nursing home!
Lie #3: New laws permits Medicaid to take your home.
Truth: They don't want to, and they can't, even if you are in a nursing home as long as you are alive and possess a subjective intent to return home. However, the estate recovery process does allow Medicaid to enforce a lien against your home after you die, so your loved ones may not receive the value of the home as part of an inheritance. The good news is that there are ways to prevent this from happening if you plan ahead with an experienced elder law attorney.
Proactive planning can help protect your assets and simplify the Medicaid application process!
