Legal Question in Elder Law in Florida

Re: Elder Banking Laws in FLorida

Firstly, eligibility for Medicare is not determined on financials/assets. Your parents concern is Medicaid planning. Transferring assets is trickier than it seems when dealing with Medicaid planning. Not all assets are included in determining Medicaid eligibility. Often times, people transfer their real property to their children. However, in Florida if the real property is homestead property it need not be transferred since it is exluded in deterimining eligibility. I highly recommend consulting with an attorney in your area that works with Medicaid Planning. Your parents will have to list all their assets to determine what will be looked at for Medicaid eligibility. Then the attorney will go over options for transferring property, if appropriate. You should also be aware of tax consequences with certain transfers.

The other part of your question has to do with the "look back period". Medicaid eligibility typically looks back 36 months but there are exceptions (i.e. property transferred into a living trust will carry a 60 month look back period).

As previously stated, Medicaid Planning is more complex than it seems. There are many nuances, which if not followed can jeopardize your parents' eligibility for Medicaid.

Should you have any further questions, please feel free to email me or reach me by phone at (407) 353-4728.