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Productive Tactics To Look After Asset Preservation For Seniors
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The old age is about celebrating your veteran status, but things aren’t always tailored as per your expectation. You are bound to fall sick and may require long term nursing home care for a quick recovery. Definitely it’s a costly affair, and the Federal government policy entitles you to enjoy the treatment up to 150 days in listed hospital, or up to 100 days of nursing facility handled by skilled and registered nurses. The ever popular Medicaid policy is here to rescue your cause, but with a slight demand. You need to dissolve all the assets before applying for this facility, and the output will be simple. Post recovery phase or survivors will not a single penny to spend, and an uncertain future would be knocking at your door. Fortunately, Medicaid eligibility specialists have chalked out few productive strategies to manage this situation.
Let’s know about the treatment first
The Medicaid law simply establishes a correlation with the resources owned by the veteran applicant and expenses incurred as part of the medical treatment and elderly home care services over certain duration. The existing law requires the senior citizen aged over 65 years to spend the entire financial resources down, to be eligible for Medicaid facilities. The resources must be owned by the senior citizen who is applying for the facility, and within five years from the date of application, the assets/properties in question are not eligible for any repositioning. In fact, within that five year timeline aka look-back period, the transfer of ownership of that property or asset in question isn’t permitted either, without attracting penalties. In addition, this law covers marital assets as well.
Settle for current market value of your asset
Before the medical emergency forces you to spend all the assets you own, act realistically. You haven’t applied to Medicaid facilities yet, and the concerned strategy dealing with asset preservation for seniors should on your own kids first. When you have transferred a part or the entire property to your children, you are practically left with no resources of your own, and hence can easily apply for Medicaid benefits.
However, even this strategy is not foolproof, and the policy issuers can still question about your indirect ownership of the assets transferred. In case your son or daughter is married and filed divorce, chances are high that they will make use of the assets obtained for their own financial benefit. There should an authorized valuation of the resource transferred, stating its present day market value. The procedure of transfer should tally with this calculated figure, and anything sold bellow current price is asking for stringent penalization.
Irrevocable trust formation can be your savior
Now you are transferring your owned asset to a trustee, who is not related to you and doesn’t share any blood relation. This is an irrevocable trust, implying that the ownership doesn’t belong to you anymore; instead the trustee member will own and manage it. Moreover, they are bound by legal obligations to utilize these resources for your purpose only. The bottom line is, officially you do not own any fund but can still make most of the wealth belonged to you, and can apply for Medicaid benefit. That’s double benefit on the cards, right?
Angeliqe Morrison is an established financial planner, specializing on asset preservation for seniors and other monetary benefits associated with veteran care services.
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