Advanced estate planning protection from medicade
Parents home value=$100,000. Tax deferred qualified annuity value= $80,000.-beneficiaries- my brother & I.Will in place.
Parents age=77, Dad onset of alzheimers & parkinsons.Mom can`t hardly get up & down due to bad knees.What legal documents & method needed to preserve estate from medicade.Hopefully not applying until after 3 yrs.
1 Answer from Attorneys
Re: Advanced estate planning protection from medicade
There are ways to preserve the estate...somewhat. It involves possibly putting a trust in place, or possibly an aggressive gifting program within Medicaid guidelines. Although putting these in place may cost several thousand in legal fees, it is well worth the expense when the alternative is to spend down the unexempt estate to $2,000 before your parents become eligible for Medicaid. Please find an attorney who is familiar with these options to assist you in the advance planning needed which may enable to assist you to maximize benefits for your parents. Best of luck.
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