Friends and family are always quick to share with you how their friend family member or neighbor qualified for nursing home Medicaid. Although it is with good intention in their desire to help, it it often incorrect. There are many rules and regulations that determine whether someone qualifies, or not, for a given benefit. Following the guidance from a non-professional who does not know the entire situation, and all of the current regulations, can often create more problems down the road.
- Having too many assets at time of application.
- Gifting money to loved ones.
- Deeding (gifting) real property to others (family or extended family).
- “Selling” assets to others (family or friends) at below market value.
- Depleting assets that could be preserved.
- Disposing of assets that may not count against you.
- Not protecting the “Homestead” before entering nursing home.