Massachusetts Medicaid Planning Attorney
In what ways can assets be "spent down" so as to qualify for Medicaid?
In Massachusetts you can transfer assets to your heirs now, which benefits both parties: the heir can enjoy the assets sooner, and the assets are no longer considered owned by you, so you may qualify for Medicaid. You can convert nonexempt assets into exempt assets. Medicaid exempts certain assets, such as your car, house, Whole life insurance with a cash surrender value of less than $2500, Prepaid funeral plans and burial accounts.and household contents.
My spouse has just entered a nursing home and I didn't plan ahead. There's nothing I can do now except keep paying the nursing home bill each month.
There is still time to plan. You will want to maximize the protections available you as the spouse remaining at home. In addition, you will want to change your will, life insurance, and title to real estate to allow your spouse to be cared for if you die first without making your spouse ineligible for Medicaid. Other techniques to consider include:
Often a combination of these strategies is used to develop a plan to achieve desired goals. Click here for HELP with your Medcaid Application.
Medicare Liens on Homes
Although the individual's home may be an exempt asset, the Massachusetts under many circumstances, will place a lien on the home to collect for the Medicaid paid for an individual. Our Attorneys will know various ways that the home can be protected from the lien.
It is always best to plan in advance so a Medicaid application will be
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