First of all, which TX Medicaid program are you referring to? Secondly, there are CELA level of elder law attorneys all over Texas who have financial advisors with Series 7 licenses they work with. But you have to know which exact Medicaid program your elder will hopefully be eligible for to make paying for this level of expertise worthwhile.
If it’s that you are somehow expecting Tx Medicaid caseworkers or staff to provide financial advice, or give you options on what to do with an elders $ &/or property, or other assets, that is not going to happen. They cannot do that. They can only provide you information and regulations on programs.
I will say this, as one who has dealt with TX Medicaid, if you live in Tennessee and are attempting to do things from afar for an elder in Texas and are expecting to totally DIY all, in my experience, that is not going to happen. You or other family will have to try to find documentation and paperwork (in whatever timeframe required as JoAnn brought up) to establish that they are sufficiently “at need” for whatever Medicaid program they are applying for. It could be both medically and financially “at need”, depending on the program.
I was trying to post to Joshua Rae but I obviously failed. His website shows that they don't service Texas and I was wondering why. Thanks for the responses.
Looks like NH Trust group are selling “irrevocable funeral expenses trusts” and “irrevocable burial space trusts”. You sometimes see these called IFT, Irrevocable Funeral Trusts.
Not at all what are thought of traditionally as a Trust, like the kind of Trust that you title a home or land into. Or a Special Needs Trust that you draw $ from to pay for certain costs without jeopardizing medicaid eligibility.
TX LTc Medicaid allows for IFT aka Irrevocable Funeral Trusts but has maxed at 15K per individual / 30K for a couple, all ok as long as pre-need, with State forms for good & services (costs paid must be allowed ones) AND any $ left must escheat back to the State Department of Insurance. No 50K funeral nonsense. Elder law attorneys can do them if you need one to be portable (not tied to a specific funeral home).
Why not in TX? Maybe because 2 biggest funeral home groups HQ for the entire US are based in TX (NorthStar & Dignity)? They do their own trust funded contracts. I bet are price competitive and adhere to TX IFT regulations with no issues.
Please realize if you do an IFT, the $ is gone and unavailable to use to spend down in other ways.
You need a private attorney or a LICENSCED financial advisor with a "fiduciary responsibility" to help you do medicaid planning if you are speaking of future planning. Your Texas Medicaid auspices should be able to help you with some answers when you have questions, but especially in the realm of financial protection of one partner when another needs assistance you need expert advice.
Medicaid is very complicated. In most States there is a 5 year look back. Within that 5 years you cannot have protected assets by putting them in trusts. You cannot gift money in that time. The 15k a year that the IRS allows tax free for gift giving, is not allowed by Medicaid. I read Mom is 80. Thats kind of late to start protecting money. There are just too many rules and regulations. You need an Elder Lawyer versed in Medicaid or a Medicaid planner.
Me, I was Moms POA. I spent down what money she had on her care. Then I applied for Medicaid. By spending down, she was under the asset cap. She was already under the income cap. Just a matter of getting all the paperwork together and she was excepted.
Eighty is late, but not necessarily too late. My mother is afraid of any discussion about financial planning of any kind. Fortunately when my Dad died 10 years ago, her lawyer convinced her to at least put the house in a trust. She’s now 99 and will probably need help soon. So…whew.
Are you saying that there is no such a thing as a Medicaid Planner for the state of Texas? I'm not sure if I'm interpretting your question correctly... are you the one who wants to "assist"? Not sure what constitutes "assist". Thank you in advance for more clarification.
Secondly, there are CELA level of elder law attorneys all over Texas who have financial advisors with Series 7 licenses they work with. But you have to know which exact Medicaid program your elder will hopefully be eligible for to make paying for this level of expertise worthwhile.
If it’s that you are somehow expecting Tx Medicaid caseworkers or staff to provide financial advice, or give you options on what to do with an elders $ &/or property, or other assets, that is not going to happen. They cannot do that. They can only provide you information and regulations on programs.
I will say this, as one who has dealt with TX Medicaid, if you live in Tennessee and are attempting to do things from afar for an elder in Texas and are expecting to totally DIY all, in my experience, that is not going to happen. You or other family will have to try to find documentation and paperwork (in whatever timeframe required as JoAnn brought up) to establish that they are sufficiently “at need” for whatever Medicaid program they are applying for. It could be both medically and financially “at need”, depending on the program.
Thanks for the responses.
Not at all what are thought of traditionally as a Trust, like the kind of Trust that you title a home or land into. Or a Special Needs Trust that you draw $ from to pay for certain costs without jeopardizing medicaid eligibility.
TX LTc Medicaid allows for IFT aka Irrevocable Funeral Trusts but has maxed at 15K per individual / 30K for a couple, all ok as long as pre-need, with State forms for good & services (costs paid must be allowed ones) AND any $ left must escheat back to the State Department of Insurance. No 50K funeral nonsense. Elder law attorneys can do them if you need one to be portable (not tied to a specific funeral home).
Why not in TX? Maybe because 2 biggest funeral home groups HQ for the entire US are based in TX (NorthStar & Dignity)? They do their own trust funded contracts. I bet are price competitive and adhere to TX IFT regulations with no issues.
Please realize if you do an IFT, the $ is gone and unavailable to use to spend down in other ways.
Medicaid is very complicated. In most States there is a 5 year look back. Within that 5 years you cannot have protected assets by putting them in trusts. You cannot gift money in that time. The 15k a year that the IRS allows tax free for gift giving, is not allowed by Medicaid. I read Mom is 80. Thats kind of late to start protecting money. There are just too many rules and regulations. You need an Elder Lawyer versed in Medicaid or a Medicaid planner.
Me, I was Moms POA. I spent down what money she had on her care. Then I applied for Medicaid. By spending down, she was under the asset cap. She was already under the income cap. Just a matter of getting all the paperwork together and she was excepted.