- Practice Areas
- Contact Us
In a crisis scenario, someone has already been admitted to a nursing home or will be shortly. The goal is to protect as many assets as possible while getting the person qualified for Medicaid as quickly as possible. Possible planning strategies include putting assets into an irrevocable trust, giving assets to a loved one outright, transferring assets into a revocable trust, making certain exempt transfers to a blind or disabled child or other disabled person under age 65, spending money on certain Medicaid approved expenditures like home renovations, paying down debt, purchasing a prepaid funeral services contract, or purchasing an exempt automobile, and purchasing a Medicaid compliant annuity. There are several different planning strategies available and the attorneys at Farah Roberts Ltd. will help you identify the most appropriate strategies for your specific situation.
Because the transfers of assets in a crisis situation will cause a penalty period during which the Medicaid applicant will have to private pay for nursing home care, it is often a good idea to purchase a Medicaid compliant annuity. A Medicaid compliant annuity essentially takes an asset out of the “countable resources” column and turns it into an income stream during the penalty period so that the applicant’s care is covered. Medicaid compliant annuities have very specific requirements. The attorneys at Farah Roberts Ltd. can ensure that your annuity complies with all Medicaid requirements.