> They will take away my home if I go on Medicaid.
In Arizona , the home is an exempt asset which does not count toward your “countable resources.” The State of Arizona , as of September, 2004 may, under certain circumstances file a lien against the home. There are, however, numerous exceptions related to these liens. For example, the State may not file a lien against the home if: a spouse remains in the home; the Medicaid recipient's child under age 21 lives in the home; the Medicaid recipient's blind or disabled child resides in the home (regardless of age) or; the recipient's sibling has an equity interest in the home, and was residing in the home for at least one year prior to the recipient being institutionalized (ie. in the facility for at least 90 days and it is unlikely they will return home.) There are also strategies to protect the home from being “recovered” by the Sate after your death.
> In order to qualify for Medicaid, I cannot have more than $2,000 in assets.
There are ways to qualify for Medicaid without using all of your assets (and those of your spouse).
> I can give away $11,000 to each of my children and then qualify for Medicaid.
Do not confuse IRS tax rules with Medicaid rules. There are gifting strategies which can satisfy both concerns.
> I need to hide my assets before I apply for Medicaid.
There is no need to try and hide your assets. There are strategies to preserve assets and pass them on to the next generation in appropriate ways.
> I will have to divorce my spouse when he/she needs nursing home care.
There is no need to divorce your spouse. There are many ways in which the spouse who is not currently in need of care can protect assets.
> Our income is over the income limit and so we cannot qualify for Medicaid.
It may be possible to create a special income only trust and qualify for Medicaid.
> We have saved all these years and now that one of us needs nursing home care, the State will take all of our money.
We can assist you and your family to qualify for Medicaid assistance, preserve your assets and assure you peace of mind. |
