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