“I don’t want the nursing home to take my house. Is there anything I can do?”
This common question (or other versions) is the starting point for what we at Bennett Law LLC, call a Medicaid Assessment meeting. During such a meeting, we counsel clients regarding the potential for asset protection planning against the backdrop of Medicaid’s complicated rules about long-term care for seniors. We discuss with our clients whether they might need a trust, whether it is a good idea to “deed the house over” to a child or other party, and whether there are gift tax or capital gains tax pitfalls that need to be avoided. Many clients hire us not only to review their situation but also to write memorandums they can share with their family members as they set about making important decisions in this arena.
It should be noted that we do not practice traditional “emergency situation” elder law, i.e. we do not assist clients with immediate Medicaid applications. Generally, our elder law practice is restricted to advance planning advice, counsel, and techniques (including the use of trusts and life estates) employed five or more years in advance of a Medicaid application.