Gifts to Qualify for Medicaid
As a result of the Deficit Reduction Act of 2005 (signed by Former President Bush on February 8, 2006) there are new rules designed to restrict one’s ability to make gifts in order to qualify for nursing home Medicaid benefits. These new rules apply to any gift made on or after February 8, 2006 and within 5 years of an application for Medicaid benefits. Certain gifts, however, are exempt from any penalty.
As a result of the DRA, the services of a qualified elder law attorney are required to ensure that any gift program is structured properly. Pennsylvania residents seeking advice on these issues can contact Attorney Clofine’s office for further information and to schedule a consultation.
Keep in mind that even though there are rules designed to prevent one from making gifts and then asking for Medicaid, there are MANY exceptions. And it is often possible to preserve assets even after the person enters a nursing home. As such, even though others may have told you it is too late, it is never too late to preserve assets. That’s right, we can help you preserve assets even after your family member enters a nursing home! This is especially true when the nursing home resident is married. Without advice from an experienced elder law attorney, your family will not receive a fair shake.
Nursing homes in Pennsylvania now cost about $10,000 per month. Few can pay such bills for any period of time without becoming poverty stricken. Pennsylvania residents with a loved one in a nursing home or about to enter a nursing home should contact Attorney Clofine’s office for further information and to schedule a consultation.