Top Elder Law Attorney Dennis Toman Explains How To Qualify For Medicaid & Protect Assets From Nursing Home Costs – Greensboro, NC

Leading Estate Planning Attorney Dennis Toman founder of The Elderlaw Firm in Greensboro, NC reveals critical steps to better financial management. For more information please visit https://www.elderlawfirm.com

Greensboro, NC United States – December 20, 2022 —

Adopting several critical steps to better financial management will enable greater asset protection and prevent them from being compromised by nursing home costs, Elder Law Specialist Dennis Toman said this week.

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

The Founder of The Elderlaw Firm, in Greensboro, NC, said that many clients are seeking help regarding the complexities of shielding their finances, and he wanted to point out the proactive measures people, in general, can adopt. 

One option is to consider giving monetary gifts to loved ones through a protected trust arrangement before a person cannot independently do so due to sickness or mental health failings.

He said: “Giving financial gifts ahead of when you actively require nursing home care means the money is protected from creditors. But transferring large sums directly to family members is generally not advisable.”

It is important to note that, in the case of Medicaid for nursing home care, assets transferred within five years before entering a care facility might prevent or delay eligibility for financial assistance. 

Gifting assets to the healthier spouse may be another option to consider. This can be part of a strategy that allows the well-spouse to ensure that the ill spouse may be financially secure, even if the well-spouse dies first. 

Mr Toman advised that annuities and trusts are avenues that need consideration either individually or collectively to protect finances. “In most states for nursing home Medicaid, certain types of annuities can be used to change a countable asset to a noncountable stream of income. So, you can transfer assets into an annuity and qualify for Medicaid-covered nursing home care without completely spending down your assets.”

He added: “Trusts are another way to financial protection. These can include utilizing a properly-drafted irrevocable trust exempt from nursing home costs.”

Another option is to put both spouses’ assets into a “pour-over” Trust, which allows you access to the money and protects them from a seizure after death. 

Creating a testamentary trust via a will allows a portion of funds from the original trust to “pour over” into the deceased spouse’s estate. It protects that money from being seized to pay nursing home expenses, therefore providing financial protection for both spouses regardless of who dies first.

An attorney can also draft an “Enhanced Life Estate Deed” for a person’s real estate, asserting their right to continue living at home until death. After death, property ownership property is automatically transferred to a loved one, preventing the state from claiming it or placing a lien on it.

Alternatively, transferring real estate will not cause a penalty if you enter a nursing home, provided the transfer occurred five years before your illness. 

Mr. Toman concluded: “This type of planning is very complicated, so if you consider such management plans, seek advice from an Elder Law professional before you act.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com

Release ID: 89086455

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