Elderly Asset Protection

Is your parent paying for nursing home care with Medicaid? Learn how to use a life estate as an advance planning technique to allow families to retain ownership of their most important asset, their home.

Many seniors must apply for Medicaid to afford long-term care. Here are strategies families can use to protect some of their assets while still qualifying for financial assistance with nursing home costs.

Hiding assets by not reporting them to Medicaid is illegal and considered fraud against the state. However, there are a number of legal techniques for protecting your parent's assets so that they pass to you.

A living trust is a popular financial tool that can be used for Medicaid planning, estate planning and tax planning purposes. However, a trust may not be the best the best approach, depending on a person’s long-term goals and unique financial situation.

There are many types of trusts that can help protect your assets from Medicaid. Here's a brief overview of the things you need to know when setting up a trust for Medicaid planning purposes.

Proper Medicaid planning is crucial when it comes time to pay senior care costs. Here are some common mistakes people make when trying to plan for Medicaid.

Be aware of the pitfalls of joint accounts when planning and preparing for the Medicaid application, as mistakes in the way an asset is titled and managed can have a profound impact on Medicaid eligibility.

Medicaid spend-down rules for married couples are different, depending on where each spouse lives. When one still lives at home, known as the “community spouse,” they can often keep more assets and income to avoid what is called spousal impoverishment.

The goal of the Medicaid estate recovery program (MERP) is to recoup all the money that Medicaid spent on a senior’s care. Learn how MERP works and what families can do to minimize the impact of the recovery process.

Many people are surprised to learn they don’t have to get rid of all their assets to qualify for Medicaid. A clear understanding of Medicaid resource limits and rules will help you devise the best legal and financial planning strategy for your situation.

It depends. Certain conditions impact whether Medicaid “counts” an elder’s house as an asset once they move into a nursing home. Get the facts straight to ensure your loved one’s primary residence is protected.

If there is no tax consequence from selling your mom's home, then she can use all of the money for retirement.

Medicaid isn’t in the business of “taking” seniors’ homes. But when a nursing home resident on Medicaid dies, the state may seek repayment by filing a claim against their estate, which usually includes exempt assets like their primary residence.

When an aging loved one is making excessive and unnecessary purchases—especially ones they cannot afford—it’s time for a family caregiver to step in.