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 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 today at 864.582.6727 to schedule an appointment. The property transfers attorneys / asset protection attorneys at the Smith & Haskell Law Firm can help, don’t wait and act now.