Practice Area:Elder Law
Outcome:$115,000 saved, together with early Medicaid qualification
Description:In a recent case, our 87 year old client needed to move to a nursing home. She was wandering about the neighborhood and loosing control of both her finances and personal hygiene. Her daughter found us through one of our seminar presentations and came to us in the hope that we could protect some of her mother's $160,000 of remaining cash assets from the $7500 per month nursing home bill. Using strategic gifting of cash to family members, in combination with an Irrevocable Trust and a Medicaid-compliant single premium immediate annuity, we were able to save $115,000 of mom's remaining estate and get her qualified for Medicaid in 20 months. Had no planning been done, mom would have had to spend all of her cash down to $2000, leaving nothing for her "extras" or an inheritance for her children. The family was thrilled with this result.