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Originally Posted by ROCKETMAN
I’m sure some of you have these questions or have actually experienced these circumstances. I am talking about Medicare nursing facilities, not private. Private ones run about $9000.00 a month so for me that’s out of the equation. Been to seminars where they tell you you can protect your assets including sale of your house and just your s.security will cover cost. A lawyer quoted me $5000 to do the paperwork. My lawyer who has done my wills in a phone conversation asked me why I would I spend $5000 and have no idea if I would or my spouse would ever go in a nursing home. You can fill out the paper work the day before you would go in or even after you go in. My lawyer does not charge like the ones in fancy offices, has a small office in a tiny strip mall in Eustis. Used to be in summer field but closed that one.
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There are many ways to qualify for Medicaid despite having substantial assets. It is imperative you contact an experienced elder law attorney who has extensive knowledge in this field.
For instance, you are allowed one car which is not counted as an asset. You could buy a $200,000 Bentley to reduce assets. The current limit on your primarily residence is $713,000 if single and no limit if married. If your current home is valued less than this, you could upgrade to reduce countable assets. A Qualified Income Trust (aka - Miller Trust) can allow your income to exceed the threshold and still qualify for Medicaid. These are just a few of the many strategies that can be utilized. Contact an elder law attorney as there is a five year look-back on asset transfers. Spending $10,000 for an attorney to get this right would be a bargain.