Top Estate Planning And Probate Attorney Brian M. Douglas Reveals How to Qualify For Medicaid & Protect Assets From Nursing Home Costs – Atlanta, GA
Jun 29, 2023
Leading estate planning lawyer Brian M. Douglas, founder of Brian M. Douglas & Associates, LLC, reveals how to avoid losing your assets in the event of going into a nursing home. For more information please visit https://www.atlantagaestateplanning.com
Atlanta, GA, United States - June 29, 2023 —
Estate Planning and Elder Law Attorney Brian M. Douglas has outlined measures to aid better financial management and protect assets from nursing home care costs.
For more information please visit https://www.atlantagaestateplanning.com
One option is to consider giving monetary gifts to loved ones before you become incapacitated. The Founder of Brian M. Douglas & Associates, LLC, in Atlanta, GA, commented: “Giving financial gifts ahead of when you actively require nursing home care means the money is protected’’.
“For Medicaid, assets you transfer within five years before entering a care facility might be subject to seizure after your death.” Transferring funds before you fall ill ensures family members can legally keep the gifts they receive.
‘’If your spouse’s income is less than the amount your state exempts, you can direct a portion of your monthly income to your spouse to bridge the gap. That transferred income is regarded as exempt’’, explained Brian Douglas.
Douglas advised that annuities and trusts are other avenues that can be used individually or collectively to protect finances. “Some states don’t count periodic annuity payouts when determining Medicaid eligibility. So, you can transfer assets into an annuity and qualify for Medicaid-covered nursing home care without having to spend down your assets.”
If a state considers annuity payouts when determining Medicaid eligibility, people can still transfer assets into an annuity but cannot use Medicaid services for a period of time following the transfer.
He said: “Trusts are another step towards financial protection. These include utilizing a properly drafted irrevocable trust exempting nursing home costs.”
Another option might be to place both spouses’ assets into a “pour-over” Trust, which protects the assets from a seizure while still allowing one access to the money.
Creating a testamentary trust by way of a will sees a portion of the funds from the original trust “pour over” into the deceased spouse’s estate, but the testamentary trust protects that money from being seized. So, providing financial protection for both regardless of who dies first.
Douglas said an attorney can also draft a “Life Estate Deed” or “Ladybird Deed” for a person’s real estate, asserting the right to continue living in their home until death. After death, property ownership is transferred to a loved one and prevents the state from claiming it or putting a lien on it.
Establishing a life estate and transferring real estate will not attract a penalty if they enter a nursing home, provided the transfer occurred five years before doing so. Douglas said: “Because this type of planning can be complicated, you should seek advice from a professional Estate Planning and Elder Law Attorney.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Brian M. Douglas
Email: Send Email
Organization: Brian M. Douglas & Associates, LLC
Address: 900 Circle 75 Parkway SE, Suite 800, Atlanta, GA 30339
Phone: 770-215-8249
Website: https://www.atlantagaestateplanning.com
Release ID: 89100808
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