Asset Protection
To qualify for nursing home Medicaid, applicants must show that they have a limited amount of countable assets. These rules can be very confusing, and most families worry that their loved one cannot qualify for Medicaid. Currently, Georgia residents must have less than $2,000 in countable assets in order to qualify for nursing home Medicaid.…
Read More I am still so surprised by how much misinformation there is about Medicaid’s Look Back Period. Is it 3 years? Is it 30 months? What exactly is the Medicaid Look Back Period? As we all know, Medicaid is a means-tested program that provides health insurance to those who qualify for it. That is, you…
Read More It is true that Medicaid is intended to be health insurance for the very poor. It is also true that Medicaid has become the default long-term care insurance payer for millions of middle class families. In the Metro Atlanta area, nursing home costs can run $10,000/month. With such high costs, it is no wonder that…
Read More This may be your last chance to benefit from write-offs that are easy to overlook, since the new tax law has eliminated some of them starting in 2018. If you can, claim some of these: Unreimbursed Employee Expenses – They are deductible along with other miscellaneous expenses if they exceed two percent of your adjusted…
Read More The IRS conducts audits to minimize the “tax gap,” or the difference between what the IRS is owed and what the IRS actually receives. Sometimes audits are random. Here are seven of the biggest red flags likely to land you in the audit hot seat. Making Math Errors –When the IRS starts investigating, “oops”…
Read More For married couples, updating wills and beneficiary designations are important parts of Medicaid planning. Most of our clients have “I Love You” wills that leave everything to their spouse after their death. Likewise, their assets have their spouses as the Payable on Death Beneficiaries. This can be a huge issue if the spouse is receiving…
Read More Taking responsibility for tough life decisions prevents others from having to step in and make them for you, but also allows you to discover options that can alleviate the fear. Aging is difficult, with one potential loss after another. Making your own decisions can provide some control over your aging process. Following are several decisions…
Read More After our last blog post about qualifying for nursing home Medicaid while owning a home, we received numerous questions about just giving the house away. Several sons and daughters were advised to just sign a quitclaim deed transferring mom or dad’s house to them before moving them into a nursing home. They thought that just…
Read More Exempt assets are those that Medicaid will not include in the asset total to determine eligibility. In Georgia, the following are the primary exempt assets: 1. Home Place: The applicant’s house and all adjoining land and all buildings on the property are excluded from resources if the equity value of the home is $525,000 or…
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