Milwaukee and Waukesha Estate Medicaid Planning Lawyer
Few people would want to see the assets they have built up over a lifetime depleted to pay for nursing home and long-term health care expenses. Medicaid planning is the process of preserving your assets while qualifying for governmental benefits to pay for the costs of long-term care. Elder law attorney Rollie R. Hanson provides Medicaid planning services for families throughout southeastern Wisconsin, including West Allis and the Greater Milwaukee area.
What is Medicaid?
Medicaid (also known as Title 19) is a government program that pays medical bills for some disabled people and for elderly persons in nursing homes who meet various financial and asset requirements. Medicaid is administered by the states and funded with state and federal dollars.
How much in assets can I have and still qualify for Medicaid?
A married couple can retain one half (1/2) of marital assets between $52,000 and $101,640 at the time either of you enters a nursing home and still qualify for Medicaid payment of nursing home expenses. The spouse that remains at home (also known as the community spouse) is allowed to keep one half (1/2) of the marital assets with a minimum of $50,000 and a maximum of $101,640. The nursing home spouse is allowed to keep $2,000. A single person can only retain $2,000 of nonexempt assets in his or her name.
Do I have to spend all of my assets on nursing home care before I can qualify for Medicaid?
No. However, the amount of asset preservation varies from case to case and depends largely on proper planning as well as estate planning documents. Your elder law lawyer can advise you as to the issues involved in preserving assets including cases where nursing home admission is imminent. Elder law attorney Rollie R. Hanson also provides advice and assistance with Medicaid applications.
On February 8, 2006 the President signed the Deficit Reduction Act of 2005. The purpose of this law was to try to make it more difficult for families to preserve assets in the event that a spouse or parent requires long term care in a skilled nursing facility. This law is now going in to effect in Wisconsin.
The new law calls for a five (5) year look back period for any transfer of assets. Under the old law, the look back period was three (3) years. The look back starts when an individual applies for Medical Assistance so any transfers in the five (5) years prior to that time period will make a person ineligible for Medicaid.
The other major change under the Deficit Reduction Act is to impose more server penalties for transfers that occur within five (5) years of the Medical application.
If you are in a nursing home or considering a nursing home placement in the foreseeable future, you should not give any significant gifts or transfer any assets without the advice of an experienced elder law lawyer.
What is the "look-back" period?
At the time you apply for Medicaid, the intake worker will review your financial information and look for evidence of gifting or other assets transfers without reasonable compensation in return. The look-back period is five (5) years for any transfer made on or about February 8, 2006 and three (3) years for any transfer made prior to that date under the Deficit Reduction Act.
Lawyer consultation
To set up an appointment to discuss Medicaid planning with lawyer Rollie R. Hanson, call 414-321-9733 or complete our simple contact form on this site. We are conveniently located in the Lincoln Center III on National Avenue in West Allis.
