Can the cost of nursing home care use up my retirement accounts? Yes!! All retirement accounts – IRAs, 401ks, 403bs and deferred compensation plans are “Available Resources” in Ohio and must be used to pay for your nursing home care, along with your other assets, before Medicaid will take over and pay. There are legal […]
Medicare/Medicaid
Medicaid’s Dark Secret
Medicaid’s Dark Secret For many participants, the program that provides health care to millions of low-income Americans isn’t free. It’s a loan. And the government expects to be repaid. Rachel Corbett October 2019 Issue U.S. The Atlantic The folded American flag from her father’s military funeral is displayed on the mantel in Tawanda Rhodes’s living […]
I Heard that I Am Allowed to Give Away Assets?
I heard that I am allowed to give away up to $15,000.00 per recipient, per year, without paying any gift tax. Is that a good way to make sure my estate is not consumed by the cost of nursing home care? Not always. Even though you may not pay taxes on those gifts, all gifts […]
Who Should be the Trustee?
If I create an Irrevocable Asset Protection Trust in order to protect my assets from the cost of a nursing home, who should be the Trustee of that trust? If the trust is properly set up, you should be the initial trustee and then you should appoint those persons who will take your place if […]
Is there a chance that the 5-year “Look-back” period could ever be changed for Medicaid qualification?
Is there a chance that the 5-year “Look-back” period could ever be changed for Medicaid qualification? Yes, what used to be a 3-year period is now a 5-year period. The last time that was changed, if you made transfers before the effective date of the law change, you were governed under the 3-year period. Care […]
