Liquidating assets before medicaid

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Ultimately they get penalized for that,” Gilfix says.“They look back at all your assets to see how much assistance you need,” he adds."The worst thing to do is wait until a tragedy happens," says Gilfix. This is because of the 60-month look-back rule, under which Medicaid considers your assets over the previous five years.Sit down and talk to your parents about what assets they have. “The reason why parents just can’t hand over their assets right before they enter a nursing home is that [Medicaid] sees those assets as what could have gone to funding their nursing home.However, parents can start giving gifts more than five years before they need to go to a nursing home.With that money, their children can create a special trust to help mom and dad.An elder law or Medicaid attorney may be able to help you protect some of your assets and still qualify for Medicaid.There are many techniques that an attorney may utilize in this regard, and there are also techniques an elder law attorney can implement that allows your non-institutionalized spouse to retain assets and live comfortably without becoming impoverished.

"We call them the sandwich generation, meaning they end up paying for their parents and their own kids at the same time.” If it looks like your aging parents may need a nursing home, here’s how to make sure their home and other assets are protected, especially if they're middle class.

For example, a person age 64 or older must have a monthly income less than

"We call them the sandwich generation, meaning they end up paying for their parents and their own kids at the same time.” If it looks like your aging parents may need a nursing home, here’s how to make sure their home and other assets are protected, especially if they're middle class.

For example, a person age 64 or older must have a monthly income less than $1,345.

People who make slightly more than this also may qualify depending on their nursing home costs, but check with Medicaid about your particular circumstances.

Putting an aging parent into a nursing home and into someone else’s care is a difficult and often painful decision to make.

There's the emotional toll — and also the price tag.

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"We call them the sandwich generation, meaning they end up paying for their parents and their own kids at the same time.” If it looks like your aging parents may need a nursing home, here’s how to make sure their home and other assets are protected, especially if they're middle class.For example, a person age 64 or older must have a monthly income less than $1,345.People who make slightly more than this also may qualify depending on their nursing home costs, but check with Medicaid about your particular circumstances.Putting an aging parent into a nursing home and into someone else’s care is a difficult and often painful decision to make.There's the emotional toll — and also the price tag.

,345.

People who make slightly more than this also may qualify depending on their nursing home costs, but check with Medicaid about your particular circumstances.

Putting an aging parent into a nursing home and into someone else’s care is a difficult and often painful decision to make.

There's the emotional toll — and also the price tag.

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