It is a fact these days that although people are living longer than ever, nursing home care and other types of long-term care can be prohibitively expensive. Have you given much thought about how you will afford such care when the time comes? One option you may want to consider is applying for Medicaid.
Medicaid can be an important component of care planning for many individuals in Kansas City. However, there are certain requirements that must be met in order to qualify for Medicaid, in particular, income and asset requirements known as the Individual Resource Allowance. While certain types of property may be exempt from this amount, if the individual seeking Medicaid is married, determining whether he or she is eligible for Medicaid becomes more complex. This is because in situations like this, the Medicaid applicant will have to go through the division of assets in order to lower his or her spouse’s Maximum Community Spouse Resource Allowance.
That being said, there are options if the amount of an individual’s “non-exempt” property is higher than the Community Resource Allowance limit. However, one may want to seek legal help to learn more about these options. For example, one may think that simply giving away the extra property will take care of the issue. Unfortunately, doing so could be considered a violation of the Medicaid Transfer Penalty, which could affect an individual’s ability to receive Medicaid benefits.
The legal team at Stockton & Stern, LLC, understands that qualifying for Medicaid can be a major part of an individual’s care plan. They have helped many past clients create asset protection plans. Such plans may include creating an irrevocable trust or making certain types of gifts. Keep in mind, however, that such plans have many legal complexities. Instead of trying to handle the issue on your own, it may be wise to seek help. The following information on Medicaid in the Kansas City area may be useful to those who want to learn more about Medicaid planning and asset protection plans.