In this article, you will discover:
As a general rule, your primary residence is considered an exempt asset. Medicaid doesn’t seize your home or put a lien on it during your lifetime. In short, you cannot lose your home to Medicaid during your lifetime.
When properly drafted and properly used, a Florida Medicaid asset protection trust can protect your assets from being counted for Medicaid eligibility purposes.
The assets you place in this type of trust five years before you apply for Medicaid are no longer considered your property for purposes of your Medicaid eligibility. Those assets are available later for your beneficiaries or heirs to use or to inherit. Also, the trust’s assets avoid the probate court process after your death.
That depends on the level and type of assets. Medicaid limits the assets a community spouse can keep, known as the “community spouse resource allowance.”
Attorney Myrna Setty is an experienced lawyer based in Tampa and Wesley Chapel, FL, who has helped many families navigate the intricacies of elder law. She can help you plan ahead and protect your assets so that you can benefit from Medicaid to help pay for your long-term care.
Still have questions? Ready to get started? Contact the Law Firm of Myrna Serrano Setty, P.A. today to schedule an initial consultation.
You should work with an elder law attorney to understand Medicaid eligibility criteria. Be careful when it comes to purchasing annuities. If you think you may need Medicaid in the future, =, you should explore alternatives to annuities and understand how annuities could impact your future Medicaid eligibility.
In Florida, many annuity products are not considered Medicaid-compliant. In the future, if you need take steps to qualify for Medicaid, you may have to liquidate that annuity and that could result in significant financial losses.
Also, your gross income is an essential element of Medicaid eligibility. If you have retirement accounts, your required minimum distributions are part of your gross income. Work with your financial advisor in order to better understand your required minimum distributions, such as their timing and amounts.
A Florida elder law attorney can help you and your family understand asset protection as it relates to paying for long-term care benefits and using Medicaid to subsidize or cover all costs. They can prepare a comprehensive analysis of your situation and make specific recommendations regarding decisions that can be made now or in the future to accelerate Medicaid eligibility.
Early warning signs that your estate planning is not compatible with Medicaid planning:
Regularly giving gifts to family members, confusing what’s allowed for annual gift tax exclusion purposes with what’s allowed for purposes of Medicaid eligibility=An elder law attorney will ensure the proper power of attorney is in place. Not all powers of attorney are created equal. If you have a power of attorney that lacks key aspects, it could severely hinder your family’s ability to do more planning when needed.
Also, an elder attorney can have a frank conversation with family members about expectations regarding future inheritances and the distribution of inheritances. Some Medicaid pre-planning strategies may result in an unequal distribution of funds to certain family members. For example, using a caregiver agreement to help shelter assets may result in one family member receiving more funds than others.
A conversation ahead of time can help prepare your family and make the process less stressful, confusing, and contentious.
Still Have Questions? Ready To Get Started?
For more information on protecting your assets from nursing home costs in Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (813) 686-7175 today.
Attorney Myrna Setty is an experienced lawyer based in Tampa and Wesley Chapel, FL, who has helped many families navigate the intricacies of elder law. She can help you plan ahead and protect your assets so that you can benefit from Medicaid to help pay for your long-term care.
Still have questions? Ready to get started? Contact the Law Firm of Myrna Serrano Setty, P.A. today to schedule an initial consultation.
You don’t have to handle probate and settlement on your own. Let The Law Firm of Myrna Serrano Setty, P.A. step in and take the burden of executorship off your shoulders. Call Us Now - (813) 686-7175
