What are my options when care is more imminent?
If this care is more imminent, you’re not out of options. There are strategies we can develop. For example, if you have a spouse, we may be able to shift money from the sick spouse’s name to the healthy spouse’s name. If done properly, this can be an exempt transfer that will not be penalized in the look-back period. However, you can’t stop there. There are some key planning tools that we still need to implement, like a spousal refusal, and a trust so that the state can’t come back after the surviving or the healthy spouse to collect on the Medicaid tab. Transferring to a spouse isn’t the only exempt transfer. If you don’t have a spouse, you’re still not out of options. There are options like transferring assets to a caregiver. This would be a child who has been taking care of you, living in the house for the required period of time, and fits all the requirements. If we make a transfer of allowable assets, it’s considered exempt, even when it’s made within the look-back period.
Another common transfer is to a disabled child. If you have a disabled child, you may be able to transfer certain assets in allowable amounts to that disabled child within the look-back period and you won’t be penalized. But here’s the thing – you can’t go into these options blindly because if you do, things can get complicated quickly. An elder law attorney can take a look at your individual circumstances and advise you on what the best option is for getting assets out of your name, saving the most amount of money, and putting you in the best position to move forward with the care you desire.
www.sheryll-law.com 10
Made with FlippingBook Ebook Creator