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These Mistakes Can Damage Your Bonita Springs Estate

The people in Bonita Springs work hard to accumulate the wealth that they turn into their estates. It is important to be able to put together a strong estate that ensures that your assets are distributed in the ways that you want them to be. But if you are not careful, then you could make some common mistakes that damage your Bonita Springs estate and put your family’s future at risk.

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The Difference Between Medicare and Medicaid

Over the years, many people have incorrectly used the terms Medicare and Medicaid interchangeably to the point where there is a lot of confusion among the public. Medicare and Medicaid are two completely different public health insurance options, and it is important to understand their basic differences if you intend to use each service properly.

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Look Out For These Tax Issues When Transferring Your Home To Your Children

For some people, the idea of signing over their home to their children later in life sounds appealing. They figure that the home would stay in the family, and the parents can reap some benefits such as a lower asset amount when applying for Medicaid. But the truth is that the act of transferring your home to your children is potentially one of the worst decisions you could ever make.

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What are the Qualifications for Guardianship for a Bonita Springs Special Needs Individual

When a court decides that a special needs individual needs someone to act as their legal representative, that individual is referred to as a ward of the state. The first order of business for the courts is to assign a guardian for the ward. In Bonita Springs, the courts like to act quickly in these cases to help protect the interests of the ward. That is why it is important for Bonita Springs families to understand the qualifications for being a guardian in the event that the family experiences an unexpected tragedy.

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Will Medicaid have a Claim on a Family Members Interest in my House?

When a Medicaid recipient who was living in an assisted living facility that was partially or wholly paid for be Medicaid passes away, Medicaid will do what is known as an estate recovery. Under state and federal laws, Medicaid is allowed to liquidate portions of the deceased’s estate to recover as much of the costs of long-term care as possible. Under some circumstances this would include the home of the deceased if the deceased had a financial interest in the home. But there are instances where Medicaid cannot liquidate a home to recover costs.

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These Mistakes Can Damage Your Port Charlotte Estate

Estate planning is a complicated process that should only be handled by an experienced professional. Every Port Charlotte resident should have an estate in place that is administered by an expert, and every resident should also be tutored on the kind of mistakes that can damage your estate and make protecting your assets difficult.

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Exempt Assets in Sanibel Medicaid Planning

Medicaid planning is a very important part of the elder law process. If you do not prepare for Medicaid properly, you could wind up losing assets that are very important to you and your family. Luckily, there are assets that are already exempt from Medicaid which you and your family are allowed to keep, even after the Medicaid recipient has passed away.

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Naples Elder Law Lawyer Explores Medicaid Penalties

There is a lot for a Medicaid applicant to understand when it comes to applying for Medicaid benefits. One of the more significant topics to understand is Medicaid penalties and how they can affect your ability to qualify for Medicaid. If you do your Medicaid application planning well in advance, then the penalties are not quite as intimidating. But if you waited until it was time for you or your loved one to transfer to assisted living to submit your application, then you could be looking at penalties.

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Will a Gift to Charity Affect My Medicaid Application?

As you start to transition your life to an assisted living facility, you will need to get the Medicaid application process started. It is important to understand that the Medicaid application process is complicated and can take a long time. It is not something you should try to do without the help of an experienced legal professional. There can be a lot of different things that affect your Medicaid application and your ability to get the benefits when you need them.

The Medicaid Look-Back Period

When you apply for Medicaid, there is a look-back period that Medicaid uses to establish how well you have handled your assets. Medicaid will review your asset distribution for the past five years to determine your overall eligibility. Any major shift in assets is going to normally count against you and delay your approval. For example, if you moved $10,000.00 in assets four years ago as a gift to one of your children and the average cost per month for an assisted living facility is $5,000.00, then your approval will be delayed by two months.

What About Charitable Donations?

Usually, Medicaid does not discriminate between the types of asset transfers your history may have. Medicaid would look at large charity donations in the same way it would look at large financial gifts to family members. If it looks like the intent is to lower the amount of assets to increase the Medicaid eligibility, then Medicaid will normally frown upon donations.

There Can Be An Exception

There are many people who have made it a habit to make large donations to their favorite church for many years. In some cases, if you can prove that your charitable donations were a consistent trend and not a one-time event, then Medicaid might consider allowing your charitable donations to not count against your look-back period.

What About Other Assets?

There can be a long list of dangers involved in trying to move large assets just before you start your Medicaid application. It is possible that the house you transferred to your children to keep in the family could be liquidated by Medicaid after you pass away. Not only do you put yourself at risk when you try to move assets ahead of a Medicaid application, but you can put your family at risk as well.

The Best Solution

You should have an experienced legal firm handle your Medicaid application process for you. Crisis Medicaid planning is done when you are on the verge of transitioning to assisted living but have not made any provisions to protect your assets. This sort of service can be invaluable as you prepare for a new chapter in your life.

The Mattar Firm offers crisis Medicaid planning services through our compassionate team of lawyers. We invite you to give us a call and let us help you through the application process.

CONTACT US TODAY FOR A CONSULTATION

We are dedicated to making a difference in your life and that of your family.

 

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