Medicaid Crisis Planning in Rocky River, OH

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 & Ganor, 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 & Ganor, Ltd. can ensure that your annuity complies with all Medicaid requirements.

Loading Form...

We provide legal services to individuals and their businesses, primarily in the areas of Estate Planning (will, trusts, & powers of attorney), Probate, working with Small (closely held) Businesses, and Medicaid Planning.

Office Hours

Monday-Friday: 8:30am to 5pm

Saturday: By Appointment

Sunday: Closed

Privacy Policy | Disclaimer

Contact Info

You can always contact us via email or phone.

Location Icon | River LAw1154 Linda St.
Rocky River, OH 44116
Phone Icon | River Law (440) 331-0801
Email Icon

© , Farah, Roberts & Ganor, Ltd. Powered by Virteom Logo Virteom