When Is The Right Time To Start Planning For Aging Parents?
Generally speaking, it is better to start planning for aging parents sooner rather than later. It is beneficial to get things in order before certain factors make planning difficult or even impossible. If aging parents don’t have money and will need to be placed in a care facility, then Medicaid may be an issue. If aging parents have money, then they need to plan well in advance for being placed in a care facility.
Do All Assets Have To Be Transferred Within Five Years?
For proper Medicaid planning all of the property in an individual’s estate has to be moved out within five years. To be eligible for Medicaid , a person has to meet the Medicaid income and asset tests before Medicaid will kick in and assist with the cost of care.
How Can Someone Deal With Jointly Owned Assets In This Regard?
If there are jointly owned assets, the spouses may want to change the ownership of the property from joint tenancy to single name.
Are People Generally Comfortable With The Idea Of Transferring Their Assets?
In some cases, people are comfortable with the idea of transferring their assets. If you have a diagnosis of a disease like Alzheimer’s or Parkinson’s, the disease process will occur progressively and become very debilitating. However, you can see beyond a five-year window and do some planning pretty easily. If a disease comes on suddenly, then you’ll be relegated to an assisted care living center or a nursing home, and you’ll just have to pay for your care until you can’t any longer. At that point, Medicaid would kick in.
How Are Medicaid Payments Calculated In Such A Scenario?
Medicaid will pay a certain amount based on or according to the facility’s charges per month. If someone is Medicaid eligible then then Medicaid will normally pay for the cost of the facility over and above the individual’s social security benefit.
For more information on Starting To Plan For Aging Parents, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (520) 360-4292 today.
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