Estate Planning And Elder Law Firm, Haiman Hogue Reveal Misconceptions About Nursing Homes And Your Assets – Arlington, TX

Estate Planning Attorney Guy B. Garner, Senior Attorney at Haiman Hogue PLLC in Arlington, TX, lists 4 common misconceptions about nursing homes and assets. For more information please visit https://www.haimanhogue.com

Arlington, TX, United States – February 4, 2021 /MM-REB/ —

In a recent interview, Guy B. Garner, Senior Attorney at Haiman Hogue PLLC in Arlington, TX, revealed 4 common misconceptions about nursing homes and assets.

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

When asked to comment, Garner said, “Mistruths of what happens to assets when someone enters a nursing home are all too common. These myths often result in hard-earned assets that are poorly protected or unprotected altogether.”

A widespread misconception is that an individual in a nursing home can give away $14,000 per person a year without
receiving a penalty.

“This is confusing for many as this $14,000 is the limit for federal gift tax and does not have anything to do with applying for
Medicaid. Medicaid gifting rules differ: you will be penalized and not qualify for Medicaid benefits for some time if any gifts you make are divestments.”

Many elderly people mistakenly assume that purchasing a Medicaid-friendly annuity will act as a robust asset protection plan.

“Getting a Medicaid pre-planning annuity isn’t what it used to be. Changes in Medicaid laws at both the federal and state levels have meant that annuities may not be as helpful in planning for and qualifying for Medicaid, so it’s very important that
you consult with a legal professional before doing this.” he said.

Garner added, “The downside to many Medicaid-friendly annuities on the market is that they are regular deferred annuities.

Many of the annuities have limited options when it comes to qualifying for Medicaid and can actually narrow the scope of protected assets if you are in a nursing home.”

Another prevalent myth is that the state will seize assets when someone goes into a nursing home.

“You don’t have to hand over anything to the state. In other words, Medicaid won’t dispense any money until you ‘spend down’ your countable or available assets. If you’re not married or if your spouse is already in a nursing home, the amount to spend down to is $2,000 or less in cash.”

Garner was quick to add that there are more rules on qualifying for Medicaid, so it’s best to speak with someone well-versed in elder law.

People who didn’t have an asset protection plan before going into a nursing home often think it’s too late to get one.

When asked to elaborate, he said, “It’s never too late to protect your assets. You can still qualify to receive Medicaid benefits even if you have been using private funds to pay for nursing home expenses for years.”

“But before acting, make sure to get in touch with an elder law specialist. There are many rules and regulations surrounding what you can and cannot do with your assets that can severely hurt your chances of qualifying for Medicaid,” he commented.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Guy B. Garner
Email: Send Email
Organization: Haiman Hogue, PLLC. – Arlington, TX
Address: 690 E Lamar Blvd #115, Arlington, TX 76011
Phone: 817-261-5222
Website: https://www.haimanhogue.com

Source: MM-REB

Release ID: 88995898