Business and Management

Medicaid Planning: How to Protect Your Assets In Atlanta

Even after a loved one has moved into a nursing home, legal strategies can be used to protect assets. Generally, this will require having a suitable durable power of Medicaid attorney in Atlanta via https://www.atlantaestatelawcenter.com/medicaid/

Phillipp Oster, Author at 1058hoagie

REVOCABLE TRUST.

For a married couple, having your assets including your home titled in your revocable trust before being admitted to a hospital or nursing home can in some instances, protect additional assets.

IRREVOCABLE TRUST.

Assets in an irrevocable trust are exempt under the Medicaid rules. However, there is a 5-year look-back period for any transfers into an irrevocable trust.

PRE-PAY FUNERAL EXPENSES.

A pre-paid funeral plan (if done correctly) is an exempt asset under the Medicaid rules.

GIFTING OR TRANSFERRING ASSETS.

The gifting or transferring of any assets for less than fair market value within the 5 years look-back period will cause a penalty under the Medicaid rules.

CONVERTING COUNTABLE ASSETS TO EXEMPT ASSETS.

In addition to a pre-paid funeral, other assets are exempt (not counted) under the Medicaid rules. These include 1 home, 1 car, life insurance up to $1500.00, personal and household items, and $2000.00. Buying a new car or undertaking home repairs or improvements are allowable.