Common Mistakes

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.

Mistakes to Avoid

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.

Too Many Assets

Having too many assets at the time of application.

Gifting

Gifting money to loved ones includes deeding property to others (family or extended family).

Selling

Selling assets to family or friends at below the market value.

Depleting Assets

Depleting assets that could be preserved.

Disposing Assets

Disposing of assets that may not count against you.

Not Protecting Homestead

Not protecting the "Homestead" from the Medicaid Estate Recovery Program.

Your Next Move

Now that you are familiar with the mistakes to avoid, you can begin taking the proper steps toward planning.

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