Before we get into asset protection, have you taken a look at the resource limitations that exist in order for your spouse or loved one to qualify for Texas Medicaid nursing home benefits? If you haven’t, I suggest doing so now.
There are two basic categories of Texas Medicaid asset protection. The first kind is advanced planning which is completed five or more years before a nursing home placement is expected. With advanced planning you have many opportunities for protecting your assets that are not available when you are within the 5 year lookback window for penalties. I’ve helped families protect over $1 million in family wealth through advanced planning.
The second kind of asset protection is referred to as crisis planning. Families contact me for crisis planning when there is an unexpected nursing home placement and there are assets at risk of being spent down to the eligibility resource limits. You generally have fewer options in crisis planning, but many families still realize some benefit from the process. The biggest mistake people make in a crisis situation is not getting experienced legal representation. Mistakes in a crisis situation are generally very costly. Even innocent mistakes can result in:
- Giving away more money than necessary to the nursing home;
- Any number of months of ineligibility for Medicaid benefits which the nursing home will try to collect the unreimbursed bills from your family;
- Failing to maximize the benefit your loved one receives from his or her life savings.
Beware of This Common Mistake
All too often a staff member from the nursing home or rehab center will tell someone like yourself, who is dealing with a difficult situation and in a vulnerable position, that all you can do is spend, spend, spend your family’s life savings on nursing home bills and once it is all gone then your loved one can qualify for Medicaid.
That is not good enough for me and I’ve been working for 13 years to prove how wrong that statement is.
If that is not good enough for you also then give me a call and let’s see what we can do to the make the most of the situation.