** This article has been revised from its original version which was published on May…
Medicaid: Mistake #3 – Ignoring Important Safe Harbors
Someone once said there are two sets of rules: one for the informed and another for the uninformed. In Medicaid planning, as in life, this is an unfortunate truth.
Congress has provided many opportunities to protect assets, but you can’t take advantage of them if you don’t know about them. I have spent my career informing individuals and their families of the rules and safe harbors that Congress has provided with regard to Medicaid eligibility.
For instance, certain transfers are permitted without jeopardizing Medicaid eligibility for nursing home care, such as transfers between spouses and transfers to certain family members.
For example, a parent can transfer her assets to a Special Needs Trust for a child who is disabled and qualfiy for Medicaid the following month.
A parent can transfer his primary residence to a caregiver child who has lived in the home the past two years without penalizing the parent for Medicaid nursing home care.
There are also certain resources and income types that are exempt from Medicaid eligibility which may be utilized but you have to know about the Medicaid rules and exceptions.
By taking advantage of the safe harbors created by Congress, you may be able to protect a significant portion of your assets for future use for your loved ones.
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