Nursing home planning can preserve estate assets, P.2

In our last post, we began speaking about the importance of nursing home planning. As we noted, failure to take time to do such planning can end with medical care depleting one's estate, forcing beneficiaries to sell property to cover costs, and spoiling one's other estate plans.

Nursing home planning is not the same as, but is closely connected to Medicaid planning. Nursing home planning, in addition to the suggestions made last time, includes finding ways to decrease the costs of care to the patient or preserve their wealth.

As we mentioned last time, one way to reduce the high costs of care is to purchase long term care insurance. This can be an investment, but one that is well worth it for those who are healthy and young enough to qualify. Those who don't qualify need to look for alternatives, and this is where Medicaid comes in.

In Georgia, Medicaid eligibility is determined by one's income and needs. Those who hope to qualify because of their need for nursing home care must meet certain asset requirements. There are penalties, as we mentioned, for transferring assets within a certain time frame, though there are exceptions to the transfer rules.

Avoiding transfer penalties is a large part of Medicaid planning, as we mentioned last time, and properly timed gifting plays a large role here. Knowing when to execute this gifting, how to structure it, and of course who to give to, is easier with the help of an experienced attorney, and anybody involved in this process does well to consult one.

Source: USA Today, "Ask Matt: How to protect assets from nursing home costs," Matt Krantz, September 17, 2012

No Comments

Leave a comment
Comment Information

Mr. Teiger, Thank you very much for your time and results. I will definitely recommend you & your firm to anyone who wants to be treated professionally courteously and needs results.Hope all is well.Again...thank you. Regards, Paul L.

msg iconEmail Us For a Response

When you have legal questions or concerns, contact our team at Teiger Law Center, P.C., by calling 678-374-7645, 800-780-2275 or reach us via email by completing our online contact form. From our Cumming and Alpharetta law offices, we represent clients in the Atlanta metro and throughout north Georgia.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Cumming Office
514 West Maple Street
Suite 101
Cumming, GA 30040

Toll Free: 866-726-2153
Phone: 678-374-7645
Fax: 770-406-8858
Cumming Law Office Map

Alpharetta Office
12600 Deerfield Parkway, Suite 100
Alpharetta, GA 30004

Toll Free: 800-780-2275
Phone: 678-374-7645
Fax: 770-406-8858
Map & Directions