Unveiling Medicaid’s Mysteries: A Look at Planning Strategies
This episode of the Estate Planning Lawcast dives deep into Medicaid, a program that can help cover long-term care costs. Join estate planning attorneys Matt Deliberato and Andrew Jaloza for a lively discussion on: What is Medicaid?
A federal program assisting with healthcare costs for low-income individuals and families. Offers coverage for long-term care services, including nursing homes and home care.
You’ll Learn:
- Look-back Periods: Each state has a look-back period (often 5 years) to scrutinize asset transfers before a Medicaid application.
- Improper Transfers & Penalties: Giving away assets during the look-back period can be considered an “improper transfer” and may lead to a penalty period delaying Medicaid eligibility.
- Planning is Crucial: Proper planning with an elder law attorney can help you protect assets and qualify for Medicaid when needed.
Stay tuned for Part 2!