The decision to move your loved one into a nursing home is one of the most difficult decisions you can make. Many people are very confused over whether Medicaid will cover any of their nursing home costs. The rules for Medicaid eligibility are extremely complicated and do change from time to time. Also, many families are completely unaware that Medicaid rules are state-specific. No two states in the United States are the same in this regard. As a result, without planning and advice as to the specific state in which your family member will be in a nursing home, many people spend much more of their family's money than they should, and the security of the rest of their family is jeopardized.
The experienced attorneys of William B. Howell, Ltd. can clear up the confusion of nursing home Medicaid planning. We help clients formulate plans in order to qualify for Medicaid without spending down all their assets.
Protecting your home and your assets
Many people believe that they need to gift their home and other assets outright in order to protect their home and assets from the cost and consequences of a nursing home stay. This certainly is a simple way of handling things, but simple is not always best. In this situation, it is almost never the best route to take. Instead, we more commonly recommend the use of a Medicaid Trust. This is not the usual estate planning Living Trust, but is a carefully designed trust specifically for asset protection. The Medicaid Trust is a special type of Irrevocable Trust that causes the assets you place in the trust to be unavailable to pay the nursing home under current Medicaid rules, protects the assets from some other creditors, and transfers ownership of the assets to your beneficiaries after you are gone without having to go through the probate process.
Contact us
If you or a family member needs nursing home care, contact our office for help. We have the training and experience required to provide guidance during this most difficult time. In fact, in our office we have never had a Medicaid application for nursing home benefits denied for any client who followed our instructions. We also offer several articles and guides regarding Medicaid planning in Mississippi. Contact our office to obtain your copy. There is no charge. We also offer a free initial consultation on these matters as well.
