Medicaid Nursing Home Planning: Is Gifting Right For You?
Many Elderly clients must decide, is gifting to protect assets from Nursing Home spending right for me? Will I receive the same care if Medicaid pays for my stay in a nursing home? What if I need the money or assets that I gifted to qualify for Medicaid payment of my nursing home costs for something unexpected? Many clients want to protect their assets for their children, but are faced with these and many other questions when considering the Elder Law and Medicaid asset protection planning. The Psychology of gifting for Medicaid can be as important as the legal issues.
Beyond the personal fears, there are also legal issues that must be confronted when making gifts to qualify for Medicaid. The Deficit Reduction Act of 2005 (DRA) provides the basis for gifting qualification. Luckily, there are many planning options available to clients considering making gifts. The most appealing is often the use of the Medicaid Asset Protection Trust which creates creditor and asset protection that will likely allay many of the fears of the elderly client when making a significant gift.
by Douglas L. Kaune, Esquire
Estate Planning & Administration, Wills, Trusts, Asset Protection, Elder Law
Unruh, Turner, Burke & Frees, P.C.
Phoenixville, Malvern, West Chester PA
Pennsylvania Attorney Chester, Montgomery, Delaware, Philadelphia, Berks and Bucks County
dkaune@utbf.com PH: 610-933-8069
Share and Enjoy
Written by: Douglas L. Kaune
E-mail: dkaune@utbf.com
Phone: 610-933-8069
AVVO Rating: 10.0
Tags: elder law attorney chester county, Elder law Attorney Malvern pa, elder law attorney montgomery county pa, elder law attorney phoenixville, Gifting for Medicaid pa, gifting to medicaid trust pa, Medicaid lawyer chester county pa, medicaid lawyer west chester pa, Medicaid Nursing Home Planning PA
