I’m Greg McIntyre of McIntyre Elder Law helping seniors protect their assets and legacies.
Today we are going to discuss Special Assistance and Long-Term Care Medicaid. This is for people who are being hurt by long-term care payments, including nursing home and assisted living care payments. These payments might be draining your bank account rapidly and threatening to force the sale of real estate, including your home.
There are several straight forward methods to help save your money and property, and if we can employ those methods, we can help.
Special Assistance Medicaid
Special Assistance can pay for assisted living and assisted living with a special memory care unit. The income limit for regular assisted living is $1248.50 per person, and for assisted living with memory care is $1548.50 per month per person.
Nursing home care that’s Long-Term Care Medicaid has a different set of rules, and we will talk about it in a moment.
There is a three year look back period for the transfer of assets for assisted living Medicaid under Special Assistance. You can have one car and one home and two-thousand dollars ($2000) in your name as a single person.
Ladybird Deeds can be employed to save the house, and there are other ways to save liquid assets such as money and vehicles so you can pass those on.
Long-Term Care Medicaid
Nursing home care is under Long-Term Care Medicaid. Long-Term Care Medicaid has a five year look back period for the movement of assets. Assets should be repositioned or dealt with within or outside the five year look back period. If it’s within the look back period, five years for nursing home and three years for assisted living, then it must be done within the rules.
There is a five year look back period for general transfer of assets.
A Ladybird deed can absolutely protect your home and surrounding property up to $572,000 this year. In addition, you can use Tenants in Common Deeds to protect other real estate, which is a little more complicated.
To talk to us you can call our firm at 704-259-7040, or go to mcelderlaw.com/mcp. You can also check out McIntyre Education and Elder Law University at mcelderlaw.com/store. This has a tremendous amount of information available, from ecourses on estate planning and elder law to top podcasts, videos and books that can help you on your journey.
Elder Law Attorney