It happens everyday. A parent unexpectedly needs nursing home care and in the rush to try to protect assets people complete transactions with those assets. Without the guidance of an experienced and skilled Houston Medicaid attorney an innocent transaction can lead to disaster.
One common situation I come across while helping families all across Texas protect their assets is family members who try to protect an asset in the wrong way. Your Texas Medicaid attorney can help your family protect assets through the use of what is called exempt property. Exempt property can be kept by a Medicaid applicant without the HHSC counting it against them.
Families that try to do their own asset protection occasionally end up transferring property that could be exempt and kept by the Medicaid applicant. The improper transfer then results in a Texas Medicaid penalty and another $5,000 (or more) in unpaid nursing home bills all caused by an unwise attempt to protect an asset that did not need protection.
Don’t let this happen to you. It is perfectly normal and acceptable to want to protect as many assets as possible in these situations, but in order to effectively protect assets without creating new liability you need to know what you are doing and what the boundaries of the law are. Contact a Houston Medicaid Attorney from The Shea Law Firm at (832) 592-7913 to get started.