Elder Law Asset, Property Transfers & Asset Protection

It is important to speak to an experienced elder law attorney (property transfers attorney / asset protection attorney) when considering the transfer of property prior the applying for Medicaid. The rules on property transfers are complex and can have significant consequences on Medicaid eligibility if you have not properly followed the established rules.

In 2006, Congress, through the Deficit Reduction Act (DRA), significantly changed the rules governing the treatment of asset transfers effecting the period of ineligibility for Medicaid and those who transfer assets. For transfers made prior to enactment of the DRA, Medicaid officials will look only at transfers made within the 36 months prior to the Medicaid application (or 60 months if the transfer was made to or from certain kinds of trusts). But for transfers made after passage of the DRA the so-called “look back” period for all transfers is 60 months.

If you have made an asset transfer or property transfer, you should consult first with an experienced property transfers attorney / asset protection attorney before applying for Medicaid. Our elder law attorneys at the Smith & Haskell Law Firm, LLP can advise you of your rights and course of action and with regards to the five-year look back period.

Permitted Asset / Property Transfers

While most transfers are penalized with a period of Medicaid ineligibility (there is no limitation on the length of this penalty), certain transfers are exempt from this penalty. Even after entering a nursing home, you may transfer any asset to the following individuals without having to wait out a period of Medicaid ineligibility:

  • Your spouse;
  • Your child who is blind or permanently disabled;
  • Into trust for the sole benefit of anyone under age 65 and permanently disabled;

In addition, you may transfer your home to the following individuals (as well as to those listed above):

  • Your dependent child who is under age 21 or a blind or disabled child;
  • Your child age 21 or older who has lived in your home for at least two years prior to your moving to a nursing home and who provided you with care that allowed you to stay at home during that time;
  • A sibling who already has an equity interest in the house and who lived there for at least a year before you moved to a nursing home;

Choose a South Carolina Property Transfer Attorney / Asset Protection Attorney – Spartanburg, Greenville, Upstate SC

A property transfers attorney / asset protection attorney at the Smith Law Firm, LLP will help you navigate through the complexities of federal and South Carolina Medicaid laws and rules.  Medicaid choices are just too important to leave to chance. If you or a loved one has questions about property transfers and asset protection, we encourage you to contact a property transfers attorney / asset protection attorney to discuss your situation with the Smith & Haskell Law Firm, LLP today at 864.582.6727 to schedule an appointment.  The property transfers attorneys / asset protection attorneys at the Smith & Haskell Law Firm, LLP can help, don’t wait and act now.

Effective Medicaid Planning addresses Medicaid Issues and Medicaid Eligibility

The laws surrounding Medicaid eligibility are complex and you should consult an experienced and knowledgeable Medicaid planning attorney to address issues and provide you with a comprehensive strategy tailored to your individual situation. The Medicaid planning process involves developing a plan to reallocate your assets in such a way that Medicaid will not take them into consideration when determining your eligibility for coverage. If you will require nursing home care in the future, you will then qualify to have Medicaid pay for the cost of care, rather than depleting your own resources to cover these costs. Our experienced Medicaid planning attorneys provide guidance throughout this process.

Medicaid planning is a process of working within all applicable laws to set aside savings for the benefit of nursing home residents who will otherwise be economically devastated by the exorbitant cost of private nursing home care. Through asset preservation, implementation of a Medicaid plan allows the resident continued access to the many things not otherwise covered by nursing home Medicaid.

Visit our Medicaid Planning Resources in our Legal Resources area of our website for additional information.  If you or a loved one has questions about Medicaid planning and Medicaid eligibility, we encourage you to contact a Medicaid planning and eligibility attorney to discuss your situation with the Smith & Haskell Law Firm, LLP today at 864.582.6727 to schedule an appointment. The Medicaid planning attorneys at the Smith & Haskell Law Firm, LLP can help, don’t wait and act now.

Disclaimer

The information on this web site is a public resource of general information, which is intended, but not promised or guaranteed, to be correct, complete and up-to-date. The information on this web site is not intended to be, and is not, a source of advertising, solicitation or legal advice. No person who visits this web site should consider the information on this web site to be an invitation for an attorney-client relationship or rely on the information provided herein. Every person who visits this web site and needs legal advice or an attorney should seek the advice of competent counsel in his or her State.

Medicaid Planning & Medicaid Eligibility

Effective Medicaid Planning addresses Medicaid Issues and Medicaid Eligibility

The laws surrounding Medicaid eligibility are complex and you should consult an experienced and knowledgeable Medicaid planning attorney to address issues and provide you with a comprehensive strategy tailored to your individual situation. The Medicaid planning process involves developing a plan to reallocate your assets in such a way that Medicaid will not take them into consideration when determining your eligibility for coverage. If you will require nursing home care in the future, you will then qualify to have Medicaid pay for the cost of care, rather than depleting your own resources to cover these costs. Our experienced Medicaid planning attorneys provide guidance throughout this process.

Medicaid planning is a process of working within all applicable laws to set aside savings for the benefit of nursing home residents who will otherwise be economically devastated by the exorbitant cost of private nursing home care. Through asset preservation, implementation of a Medicaid plan allows the resident continued access to the many things not otherwise covered by nursing home Medicaid.

One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. Depending on location and level of care, nursing homes cost between $35,000 and $150,000 a year.  To learn more read our Medicaid Planning information located in our Legal Resources section of our website.