Posted on 10/26/2013 11:39:29 AM PDT by narses
there is an asset look back when applying for medicaid.
In Cal it’s three years. So seniors who want to protect the assets should do so when they think about it and not wait.
I had clients who would not do it because they wanted to pay for their care on principle.
I thought that’s what our taxes did.
Open to opinions.
Well it’s more of the redistribution absurdity. The Kos article says they have “dropped the asset test” for Medicaid in Obamacare. So you can have no income, but be a millionaire, and still qualify.
I don’t understand this part of what they said. I thought Medicaid was only for people under 65. Of course I know what they’re saying that not many people are on it is a flat-out lie, since 82 million people are.
“We haven’t had lots of people younger than 65 on Medicaid, because in most states simply earning less than the Federal Poverty Level did not qualify one for Medicaid.”
No old person should have a will. Put your money, accounts and property into a revocable trust or else the probate lawyers will steal 5-10% of the estates value via the probate process. And if dear old dad (mom) had property in two states (like a summer home) you will be doubly screwed. Where I am you have lawyers who will set up a revocable trust for $400. But if you live in a state where it costs $1500 it is still worth it
When your friendly family lawyer offers to write your will for free....It is all because he will be probating it one day and getting his cut of your estates final value. My father set up a revocable trust 6 months before he died. Me and my siblings are grateful for this. The property could be sold right away if we had wanted. Under probate you cannot sell property until the probate process is finished 9-12 months down the road. So you can have a condominium and someone begging to buy it with cash....but they cannot so you lose out. By the time it has gone through probate the buyer is no longer there plus you have been stuck paying taxes and monthly condo fees on it
That appears to be moot now since Obamacare drops the asset test for Medicaid eligibility. The goal of “getting more people insured” in the minds of the bill’s authors trumped any bit of sanity anyone could’ve come up with.
a trust does not prevent the government from recooping money spent thru medicaid.
If you have the asset when you apply or transferred it within a few years back (see lookback provisions) they can attach the asset.
Trusts are good for avoiding capital gain tax and to be specific about who does and gets what if you’re incapacitated or when you die.
Anyone involved in this situation should talk to a tax attorney or estate attorney instead of listen to people like us on the internet.
I have a will,have a living will,health care proxy,and a trust. An attorney did it all for me and it was pricey,but worth it.
The look back period in MA is 5 years-—I did the legal stuff 6 years ago.
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We’ve done all that.
I am a retired ca state employee. My wife and I pay for long term care insurance. I’m ten years older than her and will most likely need assisted living.
Medicaid can work with Medicare to cover copayments, deductibles, co-insurance and drugs. There are also people who are over 65 but ineligible for Medicare.
bump to the top
You have done your heirs a big favor and they will praise you for this. By putting your assets into a trust.
OK, thanks, it looks like maybe 10-20% of Medicaid recipients are over 65.
A very little percentage of a very big number can still be substantial.
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