Elder Law Attorney Fred Haiman Reveals Possibility Of Medicaid Qualification & Protecting Assets From Nursing Home Costs – Frisco, TX

Top Elder Law and Estate Planning Lawyer Fred Haiman, founding partner of Haiman Hogue PLLC in Frisco, TX outlines the possibility of qualifying for Medicaid & protecting assets from nursing home costs. For more information please visit https://www.haimanhogue.com

Frisco, TX , United States – May 29, 2021 /MM-REB/ —

In a recent interview Fred Haiman, founding partner of Haiman Hogue PLLC in Frisco, TX said “Adopting several key steps to better financial management will help you protect your assets from the impact of nursing home care costs.”

For more information please visit https://www.haimanhogue.com

One proactive option is to consider giving monetary gifts to loved ones before you end up unable to independently do that through sickness or mental health failings.

Haiman, a partner at Haiman Hogue, said: “Giving financial gifts ahead of when you actively require nursing home care means the money is protected from creditors who may emerge seeking collection on your death.”

“In the case of Medicaid, assets that you transfer within five years before entering a care facility might be subject to seizure after your death,” he added while acknowledging that transferring funds before you fall ill ensure family members can legally keep the gifts they receive.

You can also transfer a portion of your monthly income into your spouse’s name. If your spouse’s income is less than the amount your state exempts, you can direct a portion of your income to your spouse to bridge the gap. That transferred income for monthly maintenance is regarded as exempt.

Haiman advised that annuities and trusts are other avenues that can be used individually or collectively to to protect finances. He added: “Some states don’t count periodic payouts from annuities when determining Medicaid eligibility. So, you can transfer assets into an annuity and qualify for Medicaid-covered nursing home care without having to spend down your assets.”

If a state considers annuity payouts when determining Medicaid eligibility, people can still safely transfer assets into an annuity, but cannot use Medicaid services for a specific period of time following the transfer.

“Trusts are another good step towards financial protection. These can include utilizing a properly drafted irrevocable trust which is exempt from nursing home costs.”

Another option might be to place both spouse’s assets into a “pour-over” Trust which protects the assets from a seizure while still allowing you access to the money.

He advised that creating a testamentary trust by way of a will sees a portion of the funds from the original trust “pour over” into the deceased spouse’s estate, but the testamentary trust protects that money from being seized to pay nursing home expenses. So providing financial protection for both regardless of who dies first.

Haiman said an attorney can also draft a “Life Estate Deed” or “Ladybird Deed” for a person’s real estate, asserting your right to continue living in your home until death. After your death, ownership of the property is transferred to a loved one, which prevents the state from claiming it or putting a lien on the property.

Establishing a life estate and transferring real estate will not attract a penalty if you enter a nursing home, provided the transfer occurred five years before your illness.

In conclusion, he said: “This type of planning is very complicated, so if you are considering such management plans, then always seek out the counsel of an professional Elder law Attorney in such matters.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
Website: https://www.haimanhogue.com

Source: MM-REB

Release ID: 89018415